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IMA challenges levy

The IMA is challenging the proposed 27m levy set to fall on the asset management industry because of split-cap claims.
The IMA says the current estimate involves a series of assumptions that cannot be relied on. It says the FSCS should only impose levies if it has reasonable grounds to believe it needs to raise additional funds.
The IMA suggests a more flexible approach by the FSCS in the absence of evidence of an immediate need for funds.
IMA chief executive Richard Saunders says: “We do not think it is necessary for the FSCS to be raising this levy at this stage.
It would make more sense for the FSCS to use the powers it has proportionately and to await real evidence of eligible claims before deciding whether it needs to raise additional funds from our members.”

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