The Financial Services Compensation Scheme (FSCS) funding system places an unfair burden on good, honest financial advisers and we at Professional Adviser are campaigning for change.
For too many years decent financial advisers have had to pay obscene costs to prop up the FSCS and subsidise malpractice. The good guys pay system is broken, and honest advisers have never felt it more keenly than after the lifeboat fund recently said it would bill the financial advice levy pool an eye-watering £213m for 2020/21, as well as an extra £50m supplementary fee for 2019/20. Advisers are forced to pay an equal share of the levy regardless of whether they have a faultless record or whether they recommend risky investments, such as unregulated investment schemes, often cited as a...
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