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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.”

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  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.

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