The Financial Services Compensation Scheme will hit life and pensions intermediaries with a £20m interim levy following a wave of Sipp misselling claims.
Firms will begin to receive invoices from 23 March and will have 30 days to pay, or to use existing credit facilities.
The FSCS says the move was driven by the costs relating to bad advice to transfer funds from existing pension schemes into Sipps.
It says in many cases the Sipp fund was then invested in non-standard asset classes which have become illiquid, including investments in offshore property schemes.
The FSCS had initially made compensation payments to claimants where advice received led to lost pension growth and extra charges, but has now begun compensating claimants for losses in the value of the Sipp investments.
FSCS chief executive Mark Neale says: “The costs of Sipp claims are rising so we have no choice but to issue this levy to the firms that pay for FSCS protection. This interim levy will cover the costs of compensation claims until the next annual levy is available in July 2015.”
He adds: “I know this will be unwelcome news for firms facing a supplementary levy. We will continue to do all we can to provide more certainty for firms but we cannot entirely eliminate volatility in what is a pay-as-you-go funding arrangement.”
The move comes after the FSCS announced plans to increase 2015/16 levies for advisers earlier this year.