Mortgage brokers spared FSCS 07/08 levy

The FSCS has announced it is cutting the 2007/08 initial levy - outlined in its ‘Plan and Budget’ in January - by £10m to £94.5m, with those making contributions in the A12, A16 and A18 categories all benefiting from the reduction. As part of this, mortgage intermediaries (A18) have escaped any initial levy for the coming year, as “following the review of trends and data” FSCS has decided it has “enough funds to cover these firms’ share of management expenses and forecast compensation costs”. In addition, it says levies have been reduced for those in category A12 – advisers holding cl...