The £24m additional levy demand from the Financial Services Compensation Scheme (FSCS) is a "disgraceful injustice" on innocent firms, according to SimplyBiz Group chairman Ken Davy.
On Thursday, the FSCS issued an additional £24m levy demand due to rising number of self-invested personal pensions (SIPP) claims. The SimplyBiz chairman was unimpressed with the levy demand which will be spread across all funding classes which make up the FSCS retail pool. Davy (pictured) said: "The additional levy highlights once again the disgraceful injustice of the current funding method of the FSCS. "Thousands of firms who have never been involved in this type of business or had any way of being aware of, or stopping, the firms that have caused the losses are faced with picki...
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