The Financial Services Compensation Scheme has confirmed that it has changed the way it calculates the interim adviser levy from the number of registered individuals at a firm to the amount of eligible income it generates.
Advisers have reported staggering increases in their interim bills which the FSCS was levied out. The bill is up from £80m last year to £93m.
A spokeswoman for the FSCS says advisers were consulted on the change in 2008.
She says: “It was part of the funding review in 2008 which we were committed to putting in place in the next two years. Advisers were aware of this change to the form.”