Hargreaves Lansdown has attacked the current Financial Services Compensation Scheme (FSCS) levy system as "placing an unfair burden on reputable and blameless firms" as the group anticipates a £4.6m bill.
The FSCS, which collects contributions from the industry to cover the costs of regulatory failures, announced last month it will require £319m for 2015-2016, with life, pensions and investment intermediary firms contributing £216m. Of that, life and pension advisers' contribution is anticipated to be £100m - up 75% on the £57m the scheme had earlier forecast it would collect - following a swell in claims related to self-invested personal pensions. Publishing a trading statement for the period between 1 January 2015 and 19 May, Hargreaves Lansdown said it anticipated a £4.6m FSCS levy ...
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