FSCS sets interim levy at £60m

The Financial Services Compensation Scheme (FSCS) has confirmed a £60m interim levy for financial advisers and other investment intermediaries.

Firms in this sector will be sent invoices for their share of the levy by the end of March and will have 30 days to pay the invoice or use existing credit facilities to spread the costs of the levy. Along with the annual levy, it brings the total cost for investment intermediaries to £82m, still below the £100m annual limit for the sub-class. Investment fund managers have not been hit with an interim levy. The FSCS said the levy was driven by claims relating to MF Global, Keydata Investments Services Ltd, CF Arch Cru and Wills and Co, as well as other firms. It added the claims ...