In an open letter to the FSA, FSCS and Parliament, IFA Informed Choice asks if it is fair to pay a levy equivalent to 1% of turnover for other firms' failures.
The letter is addressed to FSA CEO Hector Sants, FSCS chief executive Mark Neale and financial secretary to the Treasury Mark Hoban MP. "Dear Sirs, FSCS Interim Levy 2010/11 We are writing to express our concern at the FSCS interim levy for investment intermediation activity. We are sure that you are aware that invoices for this interim levy are arriving with IFA firms this week. In many cases, this interim levy is equivalent to 1% of business turnover. We have seen examples in the trade press this week where the levy has increased by as much as 756% for some firms compared to ...
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