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Duffy ‘discrimination’ claim over FSCS levy

The way that the Financial Services Compensation Scheme levy collects from the mortgage sector discriminates against firms with a blue-chip client base, says Hamptons International managing director Kevin Duffy.

Duffy criticises the levy for charging a percentage of turnover rather than a per-RI charge, as for IFAs. He says that these clients are more financially astute and have more capital available and therefore represent a lower risk.

But Riach Independent Financial Services proprietor Bob Riach says firms working with clients with bigger funds present a bigger risk than less-well-off clients.

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