Charles Stanley has cut its total dividend for the year to end March 2015 to 5p per share and is planning a £15.8m share placing in an effort to rebuild its capital levels and refocus the business.
Following a review of its budget plan, the FSCS will no longer raise an interim levy on intermediaries for 2013 and 2014.
Wealth managers and other intermediaries are going to have to dig deep to pay an interim levy imposed by the Financial Services Compensation Scheme (FSCS) now the FCA has found yet another investment firm in default.
The Financial Services Compensation Scheme (FSCS) has placed a string of firms into default, including P3 Wealth Management which last year was banned by the regulator over unregulated collective investment scheme sales.
The FSCS has revealed a payout timetable for investors, advisers and fund managers affected by the collapse of the Lifemark SA Keydata scheme.
If the way investors are being treated in the Reyker Securities/Merchant Capital saga is not bad enough, the way the various parties are communicating with the outside world beggars belief.
Keydata is in the headlines again as a result of the legal action being taken by the Financial Services Compensation Scheme (FSCS) against financial advice firms that sold certain Keydata products for which the FSCS has paid out compensation to investors.
Care Asset Management has been fined £56,000 by the FSA for misadvising customers on the suitability of Keydata products.
Following a misinterpretation of how the FSCS levy is caculated, Walker Crips has paid an extra £440,000 for its financial years ending in 2011 and 2012 on behalf of its stockbroking arm.
The revised Financial Services Compensation Scheme (FSCS) funding rules could lessen the impact of interim levies on contributors.
The Financial Services Compensation Scheme (FSCS) may increase its levies on investment intermediaries to cover higher than expected compensation costs.
Charles Stanley's interim results showed revenues and profits down while the amount levied against it by the Financial Services Compensation Scheme more than doubled.
