FSCS may cut levy after Kaupthing assets ruling

No funds have as yet passed to the FSCS, but it says any financial recovery it makes will "as soon as possible" be passed onto the industry through a reduction in its annual levy. However FSCS spokesperson Suzette Browne says it is "too early to say" when levy payers will see the benefit in their annual statements. "Any recovery we make reduces the levy so the levy payer pays less. We don't have the money yet but it will be passed on as soon as possible." She adds the deposit taking sub-class will be the first to benefit from a levy cut, as they shouldered most of the increase when...