Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.
The FSCS today revealed the total industry levy will be £221m in 2012/13, up from £217m in the current financial year. Investment intermediaries will contribute £33m, down from £34m in 2011/12. However, following up on previous warnings, it said investment intemediaries are likely to be hit with an interim levy of at least £40m by the end of March to plug a deficit caused by compensation payouts related to Keydata, Wills & Co and other high profile failures. It has also not yet worked out the potential cost of any compensation relating to the failure of MF Global, which could affec...
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