Financial Advisers Call For Reforms To Lifeboat-Fund Levy

Law360, London (February 13, 2020, 6:18 PM GMT) -- Financial advisers are calling for reforms to the way the U.K.’s lifeboat fund for failed firms raises money from the sector, as companies battle both increasing levies and soaring business insurance costs.

The Personal Finance Society said Thursday it has circulated a template to 3,000 members that they can use to email their MPs to push for changes to the Financial Services Compensation Scheme levy.

Life and pensions advisers have faced soaring costs from a rise in both the FSCS levy and mandatory professional indemnity insurance, as more customers seek redress for mis-selling.

The FSCS is a business-funded government fund that...

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