Investors Compensation Scheme Levy
Like the rest of you, we have received our notification of 2000/01 ICS Levy payments due. However, following the recent press coverage of Pension Review underestimation from a well known national IFA, we decided to look deeper into ICS levies.
We have been informed by the PIA that firms only ever regulated by PIA will incur much lower levies than those firms previously regulated by FIMBRA. The letter we received was fairly misleading, insinuating every firm would pay the same.
Along these lines again is the bill potentially being picked up by the ICS for the national IFA firm. It is true that all other regulated firms will have to contribute but those firms previously regulated by FIMBRA will pick up the lions share.
We are continuing with our investigations on ICS levies and would be very grateful of comments from other IFAs.
Please contact us with your views.