Financial services firms hit with levy figures for 2008-2009
An interim levy of £38m has been imposed on investment intermediation firms by the Financial Services Compensation Scheme (FSCS) for costs in 2008-2009 relating to Pacific Continental Securities and Square Mile Securities.
Additionally, firms taking deposits will have to pay £406m to cover costs arising from bank defaults in 2008. While the announced figure was lower than initial estimates of £435m, additional levies will be expected, with the FCSC planning to announce the final 2008-2009 amounts in the early summer so it will be able to meet loan interest payments to the Treasury in the fall.
The FSCS has announced a planned general levy of £156m on financial services firms in 2009-2010.
Compensation costs will be
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