FSCS

The British Insurance Brokers' Association (BIBA) has launched a member petition to be tabled in the House of Commons on the way the FSCS is funded.

The FSCS has trimmed £6m off its earlier estimates for investment advisers' annual levy and the amount will instead be paid by the life and pensions intermediation sub-class.

The FSCS will prioritise the fund management sector ahead of IFAs when it rebates the interim levy with any recoveries linked to Keydata.

Clients due FSCS compensation after investing in Keydata via their SIPP should beware unforeseen tax charges when they receive payment, providers warn.

Greg Kingston discusses the key trends affecting the SIPP market

Rural communities risk being cut off from financial advice as their IFAs exit the industry under the weight of the RDR and levy hikes, MPs were told today.

The FOS must make a final decision on the level of its reserves this month, as firms' continued refusal to pay fees linked to payment protection insurance (PPI) cases look set to exhaust funds and force levies to rise by as much as 25%.

AIFA is calling on the FSCS to consult with the industry on exactly how it will rebate levypayers with money repaid to it by Norwich & Peterborough (N&P).

The FSCS has pledged to use the money it receives from the £57m Keydata compensation deal it struck with N&P to partly refund advisers' levies.

Norwich & Peterborough (N&P) has agreed to pay compensation directly to all customers it sold Keydata products totalling £57m, exceeding the building society's previous outside estimates for the bill.