This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorThe Financial Services Compensation Scheme (FSCS) has said financial advisers must pay an £80 million interim levy to help pay back mis-sold customers. The general levy for 2010/11 is £148 million, £24 million of which will be paid by investment intermediaries to cover defaults.
Strangely, the FSCS will not be imposing a levy on the general insurance intermediation class, even though PPI claims make up almost 50% of the 2010/11 levy. However, general insurance brokers will need to pay a £61.4 million levy to cover PPI compensation payouts over the next financial year. Speaking about PPI’s affect on the levy, Alex Kuczynski, interim Chief Executive of the FSCS said: “The costs of PPI, investment and insurance claims are among the main drivers of FSCS costs this year and into 2010/11.”
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