The Law firm “Regulatory Legal” is gaining the support of IFAs to challenge the FSCS’ £70m interim levy.
In February 2010 the FSCS announced it would be imposing a £70m levy on the 6,500 firms operating as investment intermediaries to pay for claims relating to Keydata, and stockbrokers Pacific Continental and Square Mile.
The basis of the challenge would appear to be that Keydata was classed in the investment intermediation sub-class for FSCS purposes despite being widely undertood to have been a structured product provider.
Regulatory Legal will assess the validity of the FSCS’s decision and see if there are adequate grounds look to pursue a judicial review. Nearly 300 firms have so far signed up to get additional information.
For more information contact the firm at info@regulatorylegal.co.uk
