Charles Stanley hits out at levy

Sir David Howard, the chairman of stockbroker Charles Stanley, again attacked the unfairness of the Financial Services Compensation Scheme yesterday which he said had wiped out 40 per cent of the company's first-half profit.

Sir David said: "Once again we have paid for the failings of businesses in quite different areas of activity."

While revenues were flat at £59.7m in the six months to September headline profits fell 18 per cent to £5.6m and once the £1.4m FSCS levy was charged and other one-offs hit pre-tax profits fell 35 per cent to £3.4m.