FSCS

The Financial Services Compensation Scheme (FSCS) is rejecting some non-Isa claims linked to Keydata.

Adviser Alliance founder Alan Lakey says the £70m additional levy imposed on intermediaries for the failures of Keydata and two stockbrokers "goes against the spirit of the law" - but is confident the FSCS will re-think its decision.

Law firm Regulatory Legal says it has now raised enough funds to mount a judicial review into the FSCS's decision to impose a £70m additional levy on the investment intermediary subclass, following the collapse last year of Keydata and two stockbrokers....

Regulatory Legal says adviser inertia threatens to derail its campaign to mount a judicial review into the FSCS's decision to increase levies to meet the £70m costs of failed Keydata.

Clive Moore, managing director of IDAD, says advisers are set to benefit from a revolution in the structured product market.

A law firm challenging the FSCS's additional levy for the failures of Keydata and two stockbrokers says the body made a "schoolboy error" in not consulting advisers and warns a successful review will cause "havoc".

The cost of compensating Keydata victims is likely to hit £440 for the ‘typical' adviser firm in the appropriate sub-class, according to AIFA calculations.

Lifemark, the life settlement vehicle embroiled in the collapse of Keydata, has been given a further six months to restructure.

The British Insurance Brokers' Association (BIBA) has hit out at the industry's regulators for imposing what it calls ‘disproportionate' fee hikes and one-off levies on its members.

General insurance brokers could be hit with a £20m bill from the Financial Services Compensation Scheme (FSCS) and a further £40m hike next year as the fallout from payment protection insurance (PPI) continues.