View more on these topics

FSCS judicial review put back to December

Regulatory Legal’s judicial review of the Financial Services Compensation Scheme’s £80m interim levy on advisers has been delayed until December.

In June, the High Court gave Regulatory Legal the green light to launch a judicial review against the FSCS’s levy imposed on investment intermediaries for claims relating to Keydata, NDF Administration, Defined Returns, Arc Capital and Income and two failed stockbrokers.

A hearing had been expected in the autumn if the law firm raised £150,000 from the industry by the end of July to fund the proceedings.

Regulatory Legal partner Gareth Fatchett says the delay until December may see the trial coincide with the FSA’s funding review of the FSCS.

He says: “We understand the full trial is going to be in mid December. If the judicial scrutiny of the matter runs alongside the overall review of the FSCS, then that makes absolute sense. We have written to every IFA firm in the country to invite them to assist and take part in this matter.”

An FSCS spokeswoman says: “We are awaiting formal notification of when the judicial review application is to be heard.”


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. The best way to sort out the serious ‘issues of unfairness’ is to be represented by an entity that will not allow a repeat of what has gone before.

    Whether it be IFAs paying for what the fund managers do or the insurance brokers paying for what the purveyors of PPI did these are matters which must be addressed as a matter of urgency.

    The compensation system as we know it is bust.

Leave a comment


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