Regulatory Legal has secured a court date for its judicial review of the Financial Services Compensation Scheme’s (FSCS) levy, which will be heard on November 4 and 5.
Gareth Fatchett, a partner at Regulatory Legal, says he has received strong support for his challenge of the Keydata interim levy from the industry. The firm is making a final call for funding and has set a deadline of September 1 for all funds to be received.
“This is an opportunity for the IFA community to show cohesion and air their concerns about how the regulator operates”
He says: “We are on our final push for funds from firms. Our project team wants to speak to firms who have not yet contributed to the FSCS judicial review. We feel it important that firms consider assisting.
“This is an opportunity for the IFA community to show cohesion and air their concerns about how the regulator operates in public. This really is the chance to show the regulatory regime that IFA firms will not be walked over where there are serious implications to the decisions made by the regulator. (article continues below)
“If the Judicial Review does not proceed, a very valuable opportunity to help safeguard the future of your firm against arbitrary decisions of the FSCS will be lost and that could mean the difference between continuing in the industry or not.”
Regulatory Legal says if the judicial review does take place the firm will take on the liability for any extra costs resulting from the action.