Levies for investment advisers will increase by almost 400% in the 2009/10 financial year due to an expected increase in mis-selling and property claims.
However, those firms active in the life and pensions advice business will see their levies fall by around 40% as mortgage endowment claims continue to fall. Overall levies for non-deposit taking financial services firms will rise by more than a third to pay for the effects of a number of predicted costs for the Financial Services Compensation Scheme (FSCS). Total costs will increase by almost 2,000%, though 75% of the increased costs will be paid for by deposit taking firms such as banks and building societies. Following the collapse of Bradford & Bingley, Kaupthing Singer & Friedlande...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes