FSCS to hit fund groups with £33m levy

The Financial Services Compensation Scheme (FSCS) is to hit fund managers with a £33m levy to cover a shortfall in its finances after it overcharged some firms.

In the latest half-year review, the FSCS said fund managers are likely to be on the hook for an additional £33m. It said: "According to the latest projections, this will mean a redistribution levy of £33m for some investment fund managers." The final figures for the redistribution levy will be announced shortly, the FSCS added, in advance of the expected levy date in early 2013. The levy will help cover a hole in its finances after it overcharged firms in 2010/11. Following resubmission of some 400 fund management and investment intermediary tariff data reports, the FSCS has acc...