11/11/2011 - FSCS Refunds To Gabriel Mistake IFAs
FSCS Refunds To Gabriel Mistake IFAs.
The FSCS is still reviewing the applications for refunds for a lot of firms, but expects to have them completed by the end of this year.
In January many advisers were left confused when they received bills from FSCS which, in some cases had increaed by several hundred percent when the interim levy had only increased 16.2% to £93 million. The reason for the increase was due to a change in the way the bill was calculated, which meant it was based on a firm’s level of investment income instead of the number of RIs at the firm.
A lot of firms were hit harder than necessary as they recorded all their income as investment income on Financial Services Authority Gabriel returns, rather than apportioning it to life and pensions too.
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