Brewin Dolphin in FSA talks after profits slashed by FSCS levy

Laura Miller
clock

Brewin Dolphin said it is in talks with the FSA about the fairness of regulatory fees after its half-year pre-tax profits were slashed from a near 10% increase to a 21% decline by a £6.1m FSCS levy.

Profit before tax, excluding exceptional costs such as the FSCS levy, was up 9.6% during the half year to March 27, at £22.9m. But after the one off costs, profits were down more than a fifth compared with a year earlier, at £12m. The company said it is "pursuing an active role" with regulators to prevent such large levies being imposed on the industry in future. "The cost of regulation has a material bearing on the fortunes of your company," Brewin Dolphin said. The Financial Services Compensation Scheme (FSCS) billed the investment management industry £233m to cover the cost o...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers notice growing client demand for bespoke investments

Advisers notice growing client demand for bespoke investments

Want access to ETFs, investment trusts, equities, bonds and AIM shares

Isabel Baxter
clock 17 April 2025 • 2 min read
FCA outlines final CCI ruling timeline as it brings out second consultation

FCA outlines final CCI ruling timeline as it brings out second consultation

'Detailed engagement' to continue

Eve Maddock-Jones
clock 16 April 2025 • 3 min read
Talking with… Rathbones Asset Management's James Thomson

Talking with… Rathbones Asset Management's James Thomson

The series continues as Richard Romer-Lee chats to James Thomson

Richard Romer-Lee
clock 14 April 2025 • 4 min read