The Financial Services Compensation Scheme (FSCS) has hit investment advisers with a £105m levy for 2014/15, an increase of 34% on the last levy.
Last April the FSCS said it would levy a £78m bill on investment advisers in 2013/4, with failed firm Keydata highlighted as one of the main cases contributing to the overall bill. The FSCS blamed the increase announced today in part on compensation claims triggered by the collapse of ARM traded life settlement distributor Catalyst. Elsewhere in its 2014/15 plan and budget, the FSCS said financial services companies will pay £313m to cover the costs of compensation, up from £311m 2013/14. It also confirmed an announcement in November that the investment advice community will be bil...
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