FSCS

The Investment Management Association (IMA) has called for an independent review into the collapse of Keydata and other investment firms and said the scale of recent failures has not been seen since the Barlow Clowes scandal of the 1980s.

Stockbroker and investment managemer Charles Stanley has hit out at the Financial Services Compensation Scheme (FSCS) and called for a different levying system after being hit with a £2.6m bill to compensate Keydata customers.

The FSCS will start notifying the "large number" of firms who claim they filled in the wrong tariff data used to calculate their interim levies whether they are entitled to money back.

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.

An insurance broker whose main focus was providing payment protection insurance (PPI) has gone into administration.

The Financial Stability Board (FSB) has launched its second probe into bonus culture and invited financial service providers to submit their views.

The Luxembourg court has granted Lifemark administrators a further six months to find funders for the troubled backer of Keydata bonds.

Just 16 MPs have signed an Early Day Motion (EDM) in Parliament calling for an immediate review of the FSCS.

Scottish Widows Investment Partnership (SWIP) contributed more than £4m last year toward compensating investors in failed investment company Keydata.

AWD Chase de Vere has reported reduced earnings for Q1, blaming the increasing cost of regulation.