Thousands of firms will escape an invoice from the Financial Services Compensation Scheme after it announced it would not levy any firms owing less than £50.
The FSCS has carried out a 'truing up' process which re-calculated the 2010/11 interim levy after some investment firms wished to revise the annual eligible income figures in their tariff data submissions. These submissions are then used to calculate the FSCS levy.
As a result, the FSCS concluded firms in the investment management and investment intermediation sectors will be levied a total of £31m.
Firms which overpaid have now received rebates and those which underpaid will start receiving invoices from 31 January.
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However, the FSCS said it would not charge 4,340 firms as the cost would be disproportionate to the levy collected from them.
Some 394 investment intermediation firms and 566 investment management firms will receive a levy invoice and almost half of these will be for between £50 and £1,000. Four investment managers will receive a levy invoice of more than £1m.
FSCS chief executive Mark Neale said: "This levy will close the tariff data resubmission and the 2010/11 interim levy truing-up exercise. This has been a highly complex issue and involved reviewing scores of requests from firms to resubmit their correct tariff data. We are pleased the issue is now closed and thank firms for their patience while we completed the process."

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