SimplyBiz chairman Ken Davy said while the current FSCS funding model posed a 'grotesque unfairness' for advisers, it was right advisers should be contributing to the levy.
In SimplyBiz's 'Advice Show' webinar streamed live on 13 March, Davy (pictured) reiterated the points raised in his response to the regulator's consultation paper in October 2016. He said the current model, whereby advisers pay the largest contribution to the Financial Services Compensation Scheme (FSCS) levy, was a "grotesque unfairness". Nevertheless, he argued it still made sense for advisers to continue contributing to the cost of running the compensation scheme, as it benefited the sector in creating a "halo effect" of responsibility. In December, the regulator proposed product p...
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