Wealth management trade association PIMFA has called for Financial Conduct Authority (FCA) fines to go towards reducing the Financial Services Compensation Scheme (FSCS) levy.
The levy has increased hugely in recent years, but is paid mostly by “non-polluting firms”. A recent survey showed 45 percent of wealth and advice firms reported FSCS levy increases of more than 100 percent over the last five years, and further increases are likely this year as a supplementary levy comes due...
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