The investment intermediary sector will be the only sub-class to see an increase in its Financial Service Compensation Scheme levy. The sector will see its levy payments increase by £2m to £78m for 2013/14. This is due to the major investment defaults of firms such as MF Global, Worldspreads and Pritchards Stockbrokers. These cases are due to be completed during 2013/14. The investment intermediary sector also received an invoice for an interim levy of £20m in March. The total FSCS levy will be £285m, down from an estimated £311m in February. All other sub-classes have seen a reduction in their levy payments, the largest being a £7m reduction for the insurance provision class. {desktop}{/desktop}{mobile}{/mobile} The organisation said it expects to receive 28,000 new cases in 2013/14, down from the 45,200 cases in 2012/13. Mark Neale, chief executive of the FSCS, said: "Although we are pleased to announce a levy that is £26m less than originally projected, we are aware of the impact that levies have on firms. In particular, we are mindful of the fact that, in addition to this levy, firms in the investment and insurance intermediation classes, recently received invoices in respect of he interim levy we announced in March." Firms will be invoiced for this levy in July 2013.
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