GIBRALTAR The Financial Services Commission (FSC) decreed last month that dozens of local financial companies will have to pay to cover costs stemming from the collapse of Marrache & Co. and its subsidiaries, according to a report by Brian Reyes in The Gibraltar Chronicle. The so-called Special Levy will affect 101 FSC-licensed companies active in investment services, insurance intermediation, money services and fiduciary services. Each will have to pay between £1,500 and £36,281, depending on the services they offer and the volume of business they handle. The companies are furious and have questioned the way the one-off compulsory charge has been calculated, others are asking why they should be forced to pay at all.
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