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Advisers split on paying FSCS bill

Half of IFAs do not intend to pay their Financial Services Compensation Sch-eme levy by the deadline this week.

An MM online survey showed that 49.5 per cent of IFAs were not planning to pay their FSCS bill in the next week while 50.5 per cent said they would pay the bill.

FSA managing director David Kenmir told Money Marketing last week that if IFAs do not pay their bill in time, they face an admin charge of £250 as well as interest payments of 5 per cent above base rate or having their licences revoked.

Some IFAs are struggling to pay their bills, having seen increases of over 1,000 per cent.

Harris Investment Management principal Alan Harris says his firm&#39s bill has increased by 2,588 per cent while M2 Financial&#39s levy has risen by 942 per cent from £1,152 to £12,000. Millfield&#39s levy has increased by 486 per cent rise from £58,000 to £340,000.

Kenmir says: “We will keep a close idea on the situation as it evolves as we need a better idea of the number of IFAs unable or unwilling to pay fees and then we will come up with a way forwards.”

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