The vast majority of advisers want to see the Financial Conduct Authority (FCA) introduce a risk-based solution for funding the Financial Services Compensation Scheme (FSCS), according to a survey undertaken by Aegon.
Polling 150 advisers from its advisory panel, Aegon found 81% were in favour of a risk based solution, which would vary levies in line with the risks the firm is exposing the FSCS scheme to. An overwhelming 93% believed firms dealing with risky unregulated products should pay a higher share of levy, including advice firms. The FCA is currently collecting responses to its consultation on how to reform the way the lifeboat scheme is funded, contemplating both higher provider contributions and the idea of levying fees based on risk. Three-quarters (75%) of the advisers polled by ...
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