Walker Crips faces £440,000 additional FSCS bill after miscalculation

Walker Crips faces an additional £440,000 Financial Services Compensation Scheme (FSCS) bill after miscalculating its obligations in both of the last two years.

The group blamed a ‘misinterpretation of the guidance regarding the basis of its calculation’ as the reason for it inadvertently sending incomplete tariff data to the FSA.

The payments relate to its subsidiary, Walker Crips Stockbrokers, and the group will pay an additional £210,000 for the 12 months to 31 March 2012 and £230,000 for the previous year.

In a statement to the stock exchange, the group said: ‘As the underpayments relate to prior year accounting periods, the company will make retrospective adjustments in relation to these periods in its audited accounts for the year ending 31 March 2013.

‘The board of Walker Crips confirms that settling these amounts will not have a material impact on the company's financial position.’