View more on these topics

PTFS absorbs FSCS levy cost

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.”

Recommended

43

FSA sends out network business model warning

The FSA has warned that the network model presents a potentially growing risk of consumer detriment due to weaknesses with systems and controls and pressure on income. In its first Retail Conduct Risk Outlook, published today, the FSA says networks are under pressure financially, and warns that there are issues with networks’ oversight of members. […]

1

Feedback to the future

The explosive growth of social media and internet forums pose a big challenge for financial services companies

A clear picture

Rather than discussing the much talked about ECJ ruling on gender discrimination, I want to focus on what went on in the run-up to the decision being made. The industry has lacked leadership in the provision of guidance and information for advisers. In producing our own guidance notes, we found it very difficult to gain […]

Which cycle exactly?

D’oh, as the great man has been known to say – I have just fallen for the oldest trick in the online publisher’s iBook. Worse still, not only did I click on a webpage link as a result of a headline and teaser that, while literally accurate, certainly made me look one way when I […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. In retrospect, this generous gesture by the management at Personal Touch has now been overturned in 2012 by the the new management team led by Max Wright!!!

Leave a comment