Hornbuckle Mitchell passes £280k FSCS levy to investors

SIPP provider Hornbuckle Mitchell has passed its £279,667 Financial Services Compensation Scheme (FSCS) interim levy on to investors, its accounts reveal.

The provider's accounts to December 2010 show it made a £137,917 profit in the year to 2010, compared to a loss of £441,740 in 2009.

Hornbuckle Mitchell said the levy, which covers the period from April 2010 to March 2011, must be charged against the schemes administered by the company.

The provider's board said the charge to each of its 12,198 schemes under administration will be around £25.

In January 2011, the FSCS announced an interim levy of £326m as a result of major investment failures, most notably the collapse of Keydata.

In February, a spat broke out between rival providers James Hay and Rowanmoor over whether it was fair to pass on FSCS levies to investors.