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IFAs&#39 ICS fees soar by 50%

IFAs are to be stung with a 50 per cent increase in Invest ors&#39


Compensation Scheme fees to fund expected record compensation payouts due


to the pension review.


Firms will pay out between £450 per registered individual by the end of


the year. The biggest bill will be for Misys, which has around 4,000 RIs


and faces a bill of nearly £2m.


Misys says good IFAs are being penalised for bad ones. It is lobbying the


ICS for a product levy instead.


The lion&#39s share of the cash will come through the PIA, which will charge


life offices and IFAs around £62.8m out of the total levy of £66.3m. The


ICS will charge a further levy in October for the last three months of the


fiscal year.


The ICS says the increase reflects the rise in the average payout to


investors from £10,000 to £15,000.


Chief executive Myra Kinghorn says: “We are making a large levy. It


reflects the volume of new claims.”

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