The Financial Services Compensation Scheme is set to increase its levy yet again as it faces a £92m shortfall, according to its half-year Outlook report published today.

Sheffield-based Financial Planners Belmayne have enlisted their local MP to help them fight rising FSCS levy costs which have seen the firm hit with £2,000 bill increase.

It is astonishing to think that investors who have been compensated by the Financial Services Compensation Scheme go on to lose some, or perhaps all, of their compensation money all over again with another dodgy firm.

The FSCS has revealed that some compensated clients are losing their money a second time when they invest with another firm which also goes on to fail.