FSCS levy costs Charles Stanley 40% of profits

clock •

The cost of its contribution to the Financial Services Compensation Scheme has cost Charles Stanley 40% of its pre-tax profit in the last half-year.

In its results for the half-year to 30 September, the firm’s chairman David Howard said the FSCS levy has had a material impact on revenues. “Once again our results have been seriously impacted by large demands from the Financial Services Compensation Scheme, which have paid for the failings of businesses in quite different areas of activity. "This is really no more than a sort of tax which is levied on us in a way, and in amounts, that we cannot plan for. The demand in the latest half-year of £1.4m (first half 2011/12: £0.6m) has absorbed about 40% of our pre-tax profit.” The grou...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Succession Alliance launches first profession-wide succession survey

Succession Alliance launches first profession-wide succession survey

Open to people in all roles working in financial planning firms

Sophia Panayi
clock 29 September 2026 • 1 min read
The future of our profession will benefit from greater collaboration

The future of our profession will benefit from greater collaboration

'The profession continues to operate and evolve in an environment of profound change'

Keith Richards
clock 28 September 2026 • 4 min read
Burnham to propose social care plans at general election

Burnham to propose social care plans at general election

Aims to be preventative

Jaskeet Briah
clock 28 September 2026 • 2 min read