FSCS management expenses set at £14.6m for advisers amid value for money concerns

The FSCS has set its management expenses levy at £72.7m for its 2016/17 accounting year, after reducing its running costs by 2.5% over the preceding period. The levy is made up of a £67.4m management expenses budget - down from £69.1m in 2015-16 - and an additional unchanged contingency reserve of £5.3m. The regulator confirmed the fees - which are in addition to the FSCS's compensation levy on the industry - on 29 March. Investment advisers will shoulder £8.4m of the cost, while life and pensions advisers will pay £5.5m and mortgage advisers will contribute £724,000. The FSCS mana...