The Financial Services Compensation Scheme (FSCS) is set to raise supplementary levies for 2016/17 for life and pensions advisers, general insurers and mortgage advisers due to "unforeseen compensation costs". We asked three advisers for their (printable) thoughts
Last month, the FSCS flagged its intention to impose an interim levy on pension and mortgage advisers due to a £28m shortfall in contributions from the sector. Now the financial services industry's lifeboat fund has announced it will require a £36m interim supplementary levy from life and pensions advisers, in addition to £63m from general insurance providers and £15m from home finance intermediaries. The additional £36m on life and pension advisers supplements the annual levy for 2016/17 of £90m. The FSCS noted this would exceed the £100m annual funding limit for that sector and so w...
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