Turner: FSCS levies are 'fully proportionate'

The chairman of the Financial Services Authority (FSA) has defended the current system of regulatory fees and levies for small firms, arguing they are proportionate to the size of the firm.

With a number of failures to deal with recently, Financial Services Compensation Scheme (FSCS) levies have increased significantly over the past few years, in some cases more than doubling for IFA firms in the latest invoice. Speaking after the FSA's annual public meeting yesterday, Lord Turner insisted the levies did not treat small firms unfairly. "It is appropriate that FSCS levies fall in a proportionate way across the industry and they are fairly precisely determined by certain metrics of revenue or assets, so [they are] already fully proportionate with the size of the firm," he ...