Endowments will keep FSCS levy high

The FSCS’s Plan and Budget 2007/08 reveals the A13 contribution group – brokers not holding client money – will face a total levy of £42m in 2007/08 compared with £47.1m in 2006/07. Loretta Minghella, chief executive of the FSCS, says the levy remains at a relatively high level because the organisation expects to receive continued high levels of endowment claims. The FSCS expects the volume of new mortgage endowment claims is likely to be between 21,000 and 31,700 in 2007/08, which it says reflects the continued uncertainty in this sector. It also anticipates continued processing o...