The Financial Services Compensation Scheme has set an interim levy of £60m for investment intermediaries.

Alongside the annual levy, this brings the total payable by investment intermediaries to £82m, just below the annual limit of £100m.

Firms in this sector will be sent invoices for their share of the levy by the end of March and then have 30 days to pay or use existing credit facilities to spread the cost.

It was announced earlier this year that an interim levy to cover costs for MF Global, Keydata, CF Arch Cru and Wills and Co would be at least £40m.

The FSCS said the new increased figure was down to the costs of claims being ‘higher than previously assumed’ and more decisions and higher payments being made on Keydata claims.

The costs are intended to cover the FSCS until the next levy becomes due in July. The levy does not affect fund managers.

Mark Neale, FSCS chief executive, said: “Unfortunately, the value and volume of claims coming to us is highly unpredictable and the costs, as a result, are higher than previously assumed.

“So, as we advised the industry earlier this year, we have to issue an interim levy to continue meeting our responsibilities. We know this will be unwelcome news and sympathise with firms about the unpredictability of compensation costs.”