PFS 'disappointed' FCA has ruled out product levy

Review still must be broader - PFS

Tom Ellis
clock • 3 min read

Personal Finance Society (PFS) chief executive Keith Richards has expressed his disappointment the Financial Conduct Authority (FCA) has ruled out the introduction of a product-based levy in its consultation paper on the Financial Services Compensation Scheme (FSCS).

"It is pleasing the FCA has broadened its review of FSCS funding in response to feedback from the sector," Richards (pictured) said. "While it is disappointing the FCA has effectively ruled out the possibility of introducing a product levy, it has acknowledged there are other ways it could more clearly link product risk to FSCS charges." Richards campaigned to former Chancellor George Osborne and his successor Philip Hammond to broaden the scope of the regulator's review of the lifeboat fund. FCA chief executive Andrew Bailey confirmed the regulator had done so in October. The PFS chief,...

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