Listed wealth management firms are underperforming the market today, as they lay bare the substantial costs associated with the Financial Services Compensation Scheme’s (FSCS) levy.

Following the major investment failures of Keydata, Wills Co and other investment intermediary firms, the FSCS has raised £93 million from an investment intermediation sub-class, which includes advisers, with an additional £233 million to be raised from fund managers. The overall levy amounts to some £326 million.

As a result, Brewin Dolphin has said it expects the levy to cost the firm £6 million, significantly higher than £1 million in the previous year, while Charles Stanley expects to fork out £2.6 million of which £204,000 had been provided in its interim results for the six months to 30 September 2010.

A spokesperson for Brewin said: ‘These failures are really disappointing and it is frustrating that the industry has got to bear these considerable costs.’

Rathbones, having voiced its concerns about the potential impact of the levy earlier in the month, has also announced that it faces a £3.2 million cost in relation to the levy.

The announcements took some of the shine off decent trading figures for both Brewins and Charles Stanley.

Brewins’ reporting a 15.9% rise in income to £65.9 million and a 7.9% rise is discretionary funds under management over the 14 week period to the end of the year.

Meanwhile Charles Stanley also saw third quarter revenue grow by 13.7% to £32.3 million year on year, while assets under management rose by 5.9% to £14.3 billion at 31 December 2010.

While share prices in the trio have failed to keep pace with the broader market all three managed to eke out gains.

At 12:15pm Rathbones was trading at 1.140p up 0.85% or 2p, Brewin Dolphin was trading at 163p, up 0.7p or 0.43% and Charles Stanley was up 0.85% at 295p.

However, Collins Stewart was down 1.16% at 85.5p and Walker Crips was flat at 50p as the market waited to find out how much the levy would cost them.