Investment advisers are facing a total FSCS levy of up to £96m this year following the collapse of stockbrokers Pacific Continental Securities and Square Mile Securities.
The FSCS has announced an indicative levy of £58m in 2009/10. It will initially levy firms for £30m, with the additional £28m applied later in the year.
Advisers also face an interim levy of £38m for costs in 2008/09 relating to Pacific Continental and Square Mile Securities.
Overall, financial services firms will pay a general levy of £156m in 2009/10.
Positive Solutions chief executive Jim Reeve says the FSA has to do more to regulate stockbrokers’ business models.
He says: “The FSA must get tough on anyone that is developing products for advisers to sell to clients to ensure that they are much better regulated.”
An FSCS spokeswoman says there is a possibility that further stockbroking firms will fall into default during the year but the cost of those failures has been factored into the figures.
She says: “We do not expect any further costs as a result of further defaults at this stage.”