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FSCS rules finalised

The final rules for the Financial Services Compensation Scheme due to come into effect on December 1, 2001 have been finalised. The new single scheme will replace the eight existing schemes including the Investors Compensation Scheme. IFAs will have their own category, which will not include the cost of redress for the pensions review. Anytime an IFA firm goes into default the rest of the IFAs will share the cost of compensating investors or paying liabilities. Like now, there is a voluntary arrangement with providers which sees them pay 85 per cent of the levy. In addition, IFAs will pay a fee for costs of running the scheme, which is 1.5 per cent of the fees they currently pay the FSA.

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European star Powe quits Invesco Perpetual

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