FSA 'very conscious' of industry feeling on FSCS levy

Nicola Brittain
clock

The FSA has said it is "very conscious" of the strength of feeling from financial advisers regarding the Financial Services Compensation Scheme (FCSC) levy in a written response to a recent petition from the FSCS Action Group.

The letter from FSA managing director Martin Wheatley said it would take this into consideration during the industry consultation on the matter due later this year.

The FSCS announced it would raise a £60m interim levy from financial advisers and other investment intermediaries in March and companies were given 30 days to pay the fees.

The letter from FSA managing director Martin Wheatley was addressed to managing director of Informed Choice Martin Bamford who co-ordinated a petition on behalf of the FSCS Action Group which last month delivered 1,421 IFA signatures to the FSA criticising the way the levvy is raised.

The campaign called for better categorisation of firms within the FSCS funding model.

It said that they way investment intermediation and investment fund managers are currently defined means the collapse of providers and stockbrokers is paid for by intermediaries and fund managers.

The letter also stated that "role of regulator to minimise calls on IFAs from the FSCS" and it called on the industry to "warn it of problem areas before they arise"

"We are aware the IFAs have been hit very hard by recent failings in the industry and we are open to hearing all views," it continued.

Bamford said he was very pleased to receive the letter which he considered to be supportive.

 

 

 

More on Regulation

MPs question FCA's integrity in scathing report

MPs question FCA's integrity in scathing report

"Too often fails to perform its functions to a reasonable standard"

Sorin Dojan
clock 26 November 2024 • 3 min read
Most firms unable to meet bereavement claims performance levels: FCA

Most firms unable to meet bereavement claims performance levels: FCA

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
Record-high receipts for IPT and employer NICs

Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock 21 November 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read