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Nationwide preparing for £250m FSCS levy

Nationwide is estimating its Financial Services Compensation Scheme levy could be as high as £250m.

The society’s full year results for 2008 are not out until the end of May and although it still expects to make a profit it says the levy will claim a significant chunk of any profit.

A spokesman for Nationwide the country’s biggest society, says like other societies it feels the levies are disproportionate.

He says: “We knew the levy was coming so we have prepared for it, but we feel the allocation of the levies is disproportionate and has an unfair impact on low-risk, predominantly retail-funded institutions.”

The charge will also include around £13m from levies relating to Derbyshire and Cheshire which Nationwide acquired in September last year.

Ann Cryer, Labour MP for Keighley has launched an Early Day Motion against the fees and already gained the support of 159 MPs.

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