'Unfair' FSCS hit takes 20% off Charles Stanley profits

Charles Stanley has reported an 8% increase in adjusted pre-tax profit for 2012-13 but lamented that an 'unfair' Financial Services Compensation Scheme levy knocked final figures.

In its final results for the year to 31 March 2013, the group said adjusted profit before tax stood at £13.5m, up from £12.5m in 2011-12. That prompted the group to raise its total dividend for the year to 11.75p, a 4.4% increase. But adjusted profits excluded the cost of setting up the Charles Stanley Direct service and a FSCS bill of £1.9m. Chairman David Howard said the levy remains a "huge burden" for the industry as whole. "There is little more that I can add to previous complaints about the unfairness of the Financial Services Compensation Scheme." "In 2011-12 our bill was...