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Fleeced by the FSCS

THE EDITOR’S COMMENT OF THE WEEK

I had my FSCS levy invoice drop on my desk today for an amount approaching £10,000. Every one of us at my firm has worked exceptionally hard this month to satisfy the demands of the tax year-end to find our profit wiped out by an invoice for a levy.

They really know how to demotivate the people they regulate. With constant accusations of misselling and a total disregard for our costs, they need to be seriously challenged. Why is it we have no human rights?

We cannot challenge any of this, it is an injustice and grossly unfair but who cares?

We practise TCF but those asking us to do this treat us in totally the opposite way.

The fund management industry only care about getting business from us. They design flawed products, hide behind small print and allow the IFA sector to pick up the bill.

I have been in this industry for over 30 years and it stinks a lot more than it did before regulation. We are accused of fleecing the public and have to sit by and get fleeced by our regulator.

NAME AND ADDRESS SUPPLIED

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  1. Not only do we have to pay the levy, but on choosing the direct debit option to spread the costs over a 10 month basis, you end up getting charged 2 payments in the first month. Having contacted both Premium credit and the FSA both say opposite information. The payment date is the 29th April, however for some reason premium credit say that the first payment is for the 30th March and therefore they have to collect a back dated payment. I spent over an hour yesterday trying to get to the bottom of this and I am still awaiting a call back from Premium Credit. Not good

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