View more on these topics

FSCS investment adviser levy set at £112m for 2014/15

The Financial Services Compensation Scheme has increased the invest-ment adviser levy for 2014/15 by 7 per cent from a projected £105m to £112m despite a decrease in the overall industry levy.

The FSCS set out its industry levy estimates in January and published final figures this week.

Financial services firms will pay £37m less to the FSCS than originally forecast after the overall levy was set at a total of £276m, down from the provisional £313m set out in January. 

But investment advisers will have to pay more than the estimate to cover the cost of claims against collapsed life settlement firm Catalyst. 

The FSCS deferred a potential interim levy of £30m, largely relating to Catalyst claims for 2013/14. Investment advisers paid £78m in levies for that.

The agency says the lower overall levy is due to a fall in claims and it “tentatively believes that PPI claims may have peaked last year and be set on a downward trend”.

FSCS chief executive Mark Neale says: “The levies will enable the FSCS to protect consumers during 2014/15. That, as always, is our top priority.”

Michael Glenister

 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com