FSCS

The FSCS is launching an urgent four-year IT investment plan to address major weaknesses in areas like compensating depositors within 20 days.

The total general FSCS levy for 2011/12 is likely to be £240m, with the investment intermediation sub-class footing the bill for £40m.

Fund manager Liontrust must stump up £415,000 for its contribution to the FSCS levy, a near 2000% increase on last year, as the industry continues to pay the cost of a series of investment firm failures.

The FSA is proposing advice firms contribute 2% less to the regulator's funding next year, a cut of £53 per adviser.

In an open letter to the FSA, FSCS and Parliament, IFA Informed Choice asks if it is fair to pay a levy equivalent to 1% of turnover for other firms' failures.

IFG must pay £1.08m to the Financial Services Compensation Scheme (FSCS) for its share of the interim levy, with recent acquisition James Hay accounting for £0.94m of this total.

An £11,000 FSCS bill to help cover the costs of claims against failed investment businesses including Keydata has forced one IFA to increase his hourly rate.

Firms in the FSCS's investment intermediation sub-class are likely to have to pay an interim levy of £93m in just 30 days, to cover the cost of claims against investment firms including Keydata.

The Approved Judgement from the judicial review into the FSCS's decision to levy investment advisers for the costs of Keydata claims has been published. IFAonline has a copy and here are 14 things you should know...

The FSCS was right to levy investment intermediaries for the collapse of Keydata, a High Court judge has ruled, dashing adviser hopes of a £32m refund.