FSA refuses to refund FSCS levy to exempted firm
The Financial Services Authority (FSA) has declined to refund a regulated firm a portion of its FSCS levies after the firm discovered it should have been exempt from the payment.
Sister site IFAonline reported that the unnamed firm paid more than £1,500 in regulatory fees, including Financial Services Compensation Scheme (FSCS) levies, since being authorised in 2002 and also paid a £1,130 FSCS interim levy in 2008/9.
According to the article, when the firm discovered it did not need to pay for the investment intermediation element it complained to the FSA, in particular regarding the interim levy. The regulator ruled it was unable to refund previous payments and
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