The Financial Services Compensation Scheme (FSCS) has more than doubled the annual levy for financial advisers for 2012/13, largely as a result of known claims relating to Arch Cru and MF Global.
The levy for the investments intermediation sub-class has been increased from the £33m originally indicated in Febuary to £78m. Meanwhile, the life and pensions intermediation sub-class will be charged £46m, up from the indicated £18m, while the total levy for all classes has increased from £221m to £265m. As a result of recoveries made following the failure of Keydata and other firms, the FSCS confirmed it would rebate £35.3m to the investment fund management sub-class, while a £1.9m surplus for the investment intermediation sub-class has already been used against the 2011/12 interim...
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