Regulatory Legal has negotiated down the Financial Services Compensation Scheme’s costs for fighting the judicial review over the Keydata interim levy from more than £300,000 to £210,000.
Regulatory Legal challenged the levy on intermediaries on behalf of around 200 advisers.
Last July, the law firm assured IFAs that advisers making donations to help fund the judicial review would not face extra legal costs and pledged to cover the FSCS’s legal fees if it lost.
In January, High Court judge Mr Justice Beatson, sitting in Birmingham, ruled that the FSCS was justified in classifying Keydata as an investment intermediary rather than a provider.
Regulatory Legal director Gareth Fatchett says: “We are pleased to have settled the adverse legal costs on the judicial review with the FSCS. Alth-ough the claim was ultimately unsuccessful, we believed it was worth running.”
Adviser Alliance founder and director Alan Lakey says: “One of the reasons the FSCS and the FSA are rarely challenged is because people cannot afford to do it. Regulatory Legal felt the case was worth it.”