Panacea slams 'alarming' lack of trust in FSCS

The £33m FSCS levy, announced in February, does not break down costs into staff, wages, pension contributions, administration and actual claim payments, Panacea said - a situation that needed to change. A similar number of respondents also felt unfairly penalised by the FSCS. Chief executive Derek Bradley said the survey of 491 IFAs provided "an invaluable insight" into the adviser stance on the FSCS levy. "The most significant finding is the overwhelming demand from the IFA industry for clarity on the charges and how they are later used," he said. "Transparency should apply acr...