FSCS likely to raise second levy

The Financial Services Compensation Scheme (FSCS) is likely to raise a second levy during the coming...

The Financial Services Compensation Scheme (FSCS) is likely to raise a second levy during the coming tax year, despite reducing its total levy from earlier estimates. Overall the compensation scheme will collect £94.5m for the 2007/08 period, down from budgeted estimates of £104.6m. However, with splits-related claims from Exeter Fund Managers and BFS likely to come in during the next six months, FSCS chief executive Loretta Minghella said an additional levy is probable over the course of the year. “We are getting ready to handle splits claims relating to three funds run by Exeter Fun...