View more on these topics

Personal Touch will pay the FSCS levy for its members

Personal Touch Financial Services is absorbing the cost of the Financial Services Compensation Scheme interim levy on behalf of its members.

In January, Money Marketing revealed the FSCS is charging a £93m interim levy on advisers. The levy includes FSCS compensation costs of £86m, mainly to compensate Lifemark investors, and management expenses of £7m.

Investment advisers have also seen their annual levy double to £40m in 2011/12.

PTFS IFA managing director John Ruddick says: “These costs have come as a shock to every organisation in our marketplace but given the economic conditions our advisers are working under, we felt it was not right to pass them on to members. It is a tough market at the moment and we need to make every effort to support our advisers to grow their businesses.”

Evolve Financial Planning director Jason Witcombe says: “If a network decides to absorb the costs as a one-off it may be that the money comes from that company’s profits.

“But if higher FSCS levies become a trend then I suspect over time that will be reflected in a lower income share or higher network fees.”



Former FSA MD Jon Pain joins KPMG

Former FSA managing director of supervision Jon Pain is to join KPMG. Pain, who announced he was resigning from his role with the regulator last July, will join the firm as a partner in July this year, after a period of gardening leave from the FSA. Pain left the regulator in January. He will work […]

Lender looking at return to release

Retirement Plus is considering a return to the equity-release market while Hodge Lifetime is looking to boost lending and New Life Mortgages is to enter the home-reversion sector. Last week, revealed that Stonehaven has returned to the market a year after suspending new lending. Retirement Plus managing director Duncan Young says the provider is […]


Sants apologises for saying 20% adviser loss acceptable

FSA chief executive Hector Sants has apologised for any offence caused when he said losing 20 per cent of advisers as a result of RDR was acceptable. Giving evidence to the Treasury select committee on the RDR this afternoon. Sants said he had not intended to cause offence but was instead laying out data from […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm