PPI fallout continues with FSCS annual levy

The prospective one-off interim charge may be necessary to cover additional costs of meeting PPI claims for 2009/10. In addition, the FSCS has also predicted a huge leap in levies for general insurance intermediaries in its 2010/11 budget. Prior to this announcement, just £8.5m had been raised through brokers, but next year's estimate now stands at £50.5m. The FSCS is taking this action due to the significant increase in the number of PPI cases it is dealing with, a figure it expects to double next year. The news is better for advisers in the Life and Pensions sub-class, who loo...