• Home
  • Multi-Asset
  •  
    Retirement
    • Pensions
    • Income
    • Investment
    • Regulation
    • Estate planning
    • Equity release
  •  
    Your profession
    • Adviser tips
    • Business models
    • Companies
    • People
  • Regulation
  • Tax planning
  • Protection
  • Diversity
  • Events
  • Whitepapers
  • Industry blogs
  • EM and Asia spotlight
  • Newsletters
  • ESG spotlight
  • Sign in
  • Events
    • Upcoming events
      event logo
      Professional Adviser's Working Lunches in partnership with Orbis Investments - 2019

      Join us in March for the Professional Adviser Working Lunch series in partnership with Orbis Investments.

      • Date: 05 Mar 2019
      • Knutsford, Leeds, Surrey, Bristol
      event logo
      Professional Adviser Working Lunches 2019 - Baillie Gifford & First State Investments

      Professional Adviser is delighted to announce the launch of the new Working Lunches in partnership with Baillie Gifford and First State Investments. Travelling across the UK to provide valuable market insights for Senior Financial Advisers.

      • Date: 13 Mar 2019
      • Southhampton, Worcester, Durham, Norwich, Liverpool, Exeter, Sheffield, Leicester, Nottingham
      event logo
      Professional Adviser 360 2019

      The highly anticipated Professional Adviser 360 conference is taking place on 25th April 2019 at The Brewery in London.

      • Date: 25 Apr 2019
      • The Brewery Chiswell Street London EC1Y 4SD, London
      event logo
      Fund Manager of the Year Awards 2019

      The 2019 Fund Manager of the Year returns on Thursday 27th June 2019, Grosvenor House Hotel, London. Save the date.

      • Date: 27 Jun 2019
      • Grosvenor House Hotel 86-90 Park Lane Mayfair London W1K 7TN, London
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up
  • Whitepapers
    • Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Sign in
  •  
    •  

      Personalise your on site experience

      Download and use the apps

      Access your subscription from outside of the office

      Get relevant news and insight straight to your inbox

      Sign in
     
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Industry blogs
  • EM and Asia spotlight
  • ESG spotlight
Professional Adviser
Professional Adviser
  • Home
  • Multi-Asset
  • Retirement
  • Your profession
  • Regulation
  • Tax planning
  • Protection
  • Diversity
 
  •  

    Personalise your on site experience

    Download and use the apps

    Access your subscription from outside of the office

    Get relevant news and insight straight to your inbox

    Sign in
 
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Professional Adviser
  • Regulation

FSCS's new funding proposal would add millions to advisers levy

fscs-1
  • Carmen Reichman
  • Carmen Reichman
  • @carmenreichman
  • 04 July 2013
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
0 Comments

Advisers could face a higher levy from the Financial Services Compensation Scheme (FSCS) under proposals for a new funding model.

The FSCS has published a consultation paper in which it proposed to calculate each year's levy based on the average of the expected compensation costs of the coming three years.

The scheme argued that this way would make the system less volatile. It said: "Taking a 36-month view of expected costs may allow FSCS to reduce the volatility of annual levies, reduce the likelihood of interim levies, and give the industry greater certainty."

Related articles

  • IRESS launches 'buy-now' term assurance option for advisers
  • Albemarle Street Partners merges with Atlantic House FM
  • L&G launches annuity tracking service for advisers
  • New Model Business Academy hits 100 adviser apprentice mark
  • Ruth Handcock takes on CEO role at Octopus Investments

Costs for some would go up under the new system. For instance, the FSCS calculated that costs for insurance intermediaries would go up by around £18m, from £52m to almost £70m and the levy for investment intermediaries would rise from £98m to £100m.

Although others, such as life and pensions intermediaries would see their levies fall from £46m to £24m if calculated in the new way, they would still effectively pay the higher fee, as the FSCS has reserved the right to take a levy based on one year if the figure was greater than the average of three years.

The FSCS said: "[The new approach] involves taking a forward view of the next 36 months' expected compensation costs and levying one third of that amount each year, unless the costs in the next 12 months are expected to be higher (in which event, that is the amount levied)."

The FSCS is accepting industry responses to the proposal until the end of July. The new model would take effect in April next year.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Regulation
  • FSCS
  • levy
  • fees

More news

Greg Davies
  • Investment
Greg Davies: Should a change in market values mean a change in risk?

Consider risk capacity

  • 18 February 2019
IRESS has launched 'buy-now' term assurance option for advisers
  • Term Assurance
IRESS launches 'buy-now' term assurance option for advisers

Via The Exchange

  • 18 February 2019
  • Investment
Albemarle Street Partners merges with Atlantic House FM

To continue under same brands

  • 18 February 2019
  • Retirement
L&G launches annuity tracking service for advisers

First phase of digital investment

  • 18 February 2019
  • Your profession
New Model Business Academy hits 100 adviser apprentice mark

Five cohorts

  • 18 February 2019
Back to Top

Most read

SJP directed to waive client's exit fees after 'catalogue of errors'
Glasses
Three things your clients may call you about this week …
'Broken platform market' exposed by data from the lang cat
FCA
New claims rules leave advisers open to FCA sanction, warns solicitor
Handshake
Kingswood reveals first seven partners and incentive plan details
  • About Us
  • Contact Us
  • Marketing solutions
  • Terms and conditions
  • Privacy and Cookie policy
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017