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Mortgage firm default adds £7.3m to FSCS levy

The default of mortgage firm Southsea Mortgage and Investment Company has added £7.3m to the Financial Services Compensation Scheme’s annual levy.

In April, the FSCS announced an annual levy of £217m for 2011/12. However, since the announcement, Southsea Mortgage and Investment Company has been put into liquidation.

The FSCS says it compensated the majority of customers within two days.

The £7.3m compensation required for the default was not included in the original levy and so has now been added to the 2011/12 levy, bringing the annual levy to a total of £224.3m.

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