11/05/2010 - F S C S Interim Levy Should be Challenged
It is well known that SimplyBiz are strong supporters of AIFA, indeed our Chairman, Ken Davy, was one of its founders and sits on the AIFA Board. This strong and active support will continue. However, we would also like to make clear that SimplyBiz believes the FSCS Interim Levy in relation to Keydata is wrong and should be challenged. Accordingly we are supporting the attempts to have this whole issue readdressed.
Commenting on the position Ken Davy said:
“Whether the fault lies with the judgements made by the FSCS in applying the levy or the FSA in permitting Keydata to have the wrong classification by authorising it as an investment intermediary, is for others to determine. The reality remains however, that Keydata was, for all intents and purposes, a product provider and should be classified as such.
Keydata did not deal directly with the public, rather it created products by assembling the various elements and promoting the finished product. To argue that they should not be classed as a product provider is like trying to argue that Ford should not be classed as a car manufacturer.
I was always taught that if it looks like a duck and quacks like a duck, it probably is a duck! In the case of Keydata the evidence that it was a product provider is overwhelming and I call on the FSA and the FSCS to reassess their judgements as a matter of urgency”.
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