AIFA is calling on the FSCS to consult with the industry on exactly how it will rebate levypayers with money repaid to it by Norwich & Peterborough (N&P).
The FSCS has pledged to use the money it receives from the £57m Keydata compensation deal it struck with N&P to partly refund advisers' levies. However it has yet to say how much advisers will get back, or when. Stephen Gay, director general of AIFA, says N&P's decision to compensate is in line with the principle of the polluter pays, but a consultation is needed to clarify the benefit to advisers. "Whilst the rules are clear that this money should reduce the levy on the industry we believe it is ambiguous at present as to how this refund should be allocated. "We are therefore c...
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