Disbelief as UK lifeboat scheme levy forecast to hit £1bn
As regulators also eye increase to FSCS management budget
Levy
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UK lifeboat scheme seeks additional £92m
Supplementary levy needed as life and investment intermediary claims surge
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FCA can’t give ‘specific comfort’ of when FSCS levies will fall
As newly appointed CEO says second lockdown may be the ‘tipping point’ for small firms
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FCA is ‘out of control’ says advice firm CEO
Rising PI, regulatory fees and levies mean ‘we need to have an industry voice at the table’
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Pimfa calls for supervision of unregulated financial promotions
Trade body argues it would improve market and reduce burden on lifeboat scheme
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IFAs lack ‘real lobbying group’ to fight ‘scandalous’ fees
Large rises have ‘angered’ advisers who are turning to Treasury Select Committee for help
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Isle of Man regulator eyes shift in funding structure
Quilter International chief expects ‘an increase in fees over the next two years to be proposed’
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64% of advisers and wealth managers do not trust FSCS
They believe UK lifeboat scheme is unable to deliver fair outcomes for clients or firms
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Advice firm sees 140% increase in regulatory fees
Industry needs to brace itself because ‘the prospect of any change soon is extremely unlikely’
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FSCS forks out £282m in advice and life compensation
Redress paid to investors in 2019-20 increased by over 36%, with Sipps leading the way
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FSCS levy costs ‘unacceptable’ but bound to rise
As FCA chairman takes aim at internet giants for ‘absurd’ practices that are driving costs up
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£100m hike in UK lifeboat scheme levy
Estimated £44m will be used just to compensate mini-bonds victims