IFAs must find extra £28m for FSCS levy

The FSCS projects a deficit of £25m for its investment intermediation sub-class, which includes financial advisers. It said this amount would not trigger a cross subsidy on fund managers. Investment intermediaries will also have to pay a "redistribution levy" of £3m - and investment fund managers of £33m - to cover £71m of credit notes which will have to be issued to firms who resubmitted their tariff data for 2010/2011 after overpaying that year's levy. The compensation scheme has already levied the investment intermediation sector £66m this financial year. Total scheme management...