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Advisers are expected to have to pay part of a FSCS compensation bill for the alleged mismanagement of high risk Contract for Difference (CfD) investments which could total £13m.
Advisers with clients exposed to boiler room brokerage Sky Capital have begun enquiries into compensation, IFAonline understands.
The FSCS is unlikely to recoup compensation costs from Keydata-backer Lifemark after it moved a step closer to administration, with its provisional adminstrator declaring it is unable to restructure it.
Other FSCS articles
Insurers have warned of a fresh hike in premiums for millions of customers after the regulator hit the financial services industry with an inflation-busting 15.6% rise in annual fees.
The pick of this week's articles on IFAonline...
Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.
Advice firms will pay £38.4m towards funding the Financial Services Authority (FSA) in 2012/13, the regulator proposed today.
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
The Association of IFAs (AIFA) has pledged to use 2012 to campaign for a more comprehensive regulatory structure for advisory businesses.
Lawrence Churchill, the current chairman of the National Employment Savings Trust (NEST), is to be the next chairman of the Financial Services Compensation Scheme (FSCS).
It’s been another busy (and in some instances raucous) year in financial services. While it’s been a positive 12 months in many respects for advisers, the regulator has again come in for criticism...
Last year's promised changes to regulation - which have long been going on in the background - gripped financial services publicly.
The Financial Services Compensation Scheme has revealed it has received 600 claims against IFAs related to Arch Cru advice, but added it has yet to decide if it will pay any investors compensation.
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