Liontrust forks out £415k for FSCS levy

Liontrust must stump up £415,000 for its contribution to the FSCS levy, a near 2000% increase on last year, as the industry continues to pay the cost of a series of investment firm failures.

Last year Liontrust paid just £20,000, amounting to an 1975% increase in just twelve months of trading. Liontrust says it will treat the interim levy payment as a exceptional item. The increased levy is primarily needed to cover the cost of failed investment company Keydata, as well as stockbrokers Wills & Co. and some other intermediary firms. These firms' failure costs were levied on the FSCS' investment intermediation sub-class, but the size of the levy, £326m, triggered a cross subsidy with the fund management class. Investment fund managers must together stump up £233m.