Brooks Macdonald takes £545k levy hit

The wealth manager, which received the invoice on 20 January, says it is currently trading ahead of market expectations. Including firms in the investment fund management sub-class, the total interim levy for 2010/11 will likely hit £326m. The majority of the costs relate to the failure of Keydata, which the FSCS attributed to the investment intermediation sub-class. However, the £100m limit on this class has been breached, causing overspill into the other class in that FSCS band, fund management. Brooks Macdonald says its FSCS bill has not been provided for to date but will now...