FSCS levy doubled to cover Independent collapse - papers 26th march

Professional Adviser
clock

Britain's financial services industry has a £218m bill from the Financial Services Compensation Scheme to bail out victims of mis-selling and insurance company failures, says this morning's Guardian newspaper.

Bulk of the money - £130m – will come from the insurance sector and be used to pay compensation to Independent Insurance and Chester Street Insurance Holdings policyholders, firms which both collapsed in 2001. This year’s levy is over twice the amount required last year, at £87.9m, and because other insurance firms will have to foot the bill, it is likely policyholders will eventually end up paying anyway, adds the Guardian. FINANCIAL institutions moved a record £22bn into gilts last year, as fixed-income investments were the most more popular asset allocation among insurance companie...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Titan Wealth inks Harlequins partnership

Titan Wealth inks Harlequins partnership

Becomes wealth management and women’s partner

Jen Frost
clock 03 October 2025 • 2 min read
Scotland Investment Roadshow 2025: Join PA in Edinburgh and Glasgow next week

Scotland Investment Roadshow 2025: Join PA in Edinburgh and Glasgow next week

The Scotland Investment Roadshow kicks off next week

Professional Adviser
clock 19 September 2025 • 1 min read
Scotland Investment Roadshow 2025: Join PA in Edinburgh and Glasgow next week

Scotland Investment Roadshow 2025: Join PA in Edinburgh and Glasgow next week

The Scotland Investment Roadshow kicks off next week

Professional Adviser
clock 16 September 2025 • 1 min read