• Around 1,600 firms have taken out loans in order to pay compensation scheme levies by instalments,...
• Around 1,600 firms have taken out loans in order to pay compensation scheme levies by instalments, the FSA has said. Following industry-wide consultation, a scheme was set up earlier this year, under which firms can borrow from Premium Credit Limited and give the FSA a one-off payment to cover levies to the Financial Services Compensation Scheme (FSCS), Financial Ombudsman Service (FOS) and the regulator itself. Consolidated invoices for all three schemes were sent out at the end of June and those firms that have chosen the instalment option will be able to repay the credit provider over ...
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