Brewin Dolphin in FSA talks after profits slashed by FSCS levy

Laura Miller
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Brewin Dolphin said it is in talks with the FSA about the fairness of regulatory fees after its half-year pre-tax profits were slashed from a near 10% increase to a 21% decline by a £6.1m FSCS levy.

Profit before tax, excluding exceptional costs such as the FSCS levy, was up 9.6% during the half year to March 27, at £22.9m. But after the one off costs, profits were down more than a fifth compared with a year earlier, at £12m. The company said it is "pursuing an active role" with regulators to prevent such large levies being imposed on the industry in future. "The cost of regulation has a material bearing on the fortunes of your company," Brewin Dolphin said. The Financial Services Compensation Scheme (FSCS) billed the investment management industry £233m to cover the cost o...

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