The Institute of Financial Planning's offices
A £107m levy on advisers is "the last thing they need" as they get to grips with RDR and could jeopordise the growth of firms, a leading IFP figure says.
Melony Holman CFPcm, chair of the membership committee at the IFP, has criticised the amount imposed by the The Financial Services Compensation Scheme for 2014/15.
A total of £313m will be clawed back from the financial services industry, with £107m coming from advisers.
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Ms Holman said: "While we obviously agree with the concept of the FSCS it is unfortunate that the FSCS have had to increase their levies by such a high amount yet again.
"This could mean that firms may need to cut back on expansion plans or reduce investment back into their firms to accommodate this levy.
"Considering that firms are still getting to grips with the impact of RDR this is the last thing that they need at the moment."
The levy on advisers from 2013/14 was £78m, though an interim levy for the last three months of last year could push the total amount to £108m.
The 2014/15 levy breakdown includes life and pensions intermediation, which is rising from £13m to £40m.
Last year's total levy was £285m.
