FSCS to levy fund managers and investment advisers £31m

The Financial Services Compensation Scheme (FSCS) is levying firms in the fund management and investment intermediation sectors a total of £31m for 2010/11.

This is the total amount payable by these sectors after taking into account recoveries and a surplus of levied funds, the FSCS said. The FSCS is sending levy invoices to firms after finishing the "truing-up" process for the 2010/11 interim levy, following rebates on the 2010/11 levy which FSCS agreed for firms which submitted mistaken tariff data. Levies will be raised on restated data, where accepted by the FSCS. Firms will receive a full statement of account for the 2010/11 levy year, showing the original levies raised, any rebates or credit notes and the revised levy. Any future...