PFS urges Chancellor to broaden FSCS funding review scope

Review 'too restricted' to deliver a fair and sustainable solution

Tom Ellis
clock • 3 min read

The Personal Finance Society (PFS) has urged the Chancellor to broaden the scope of the Financial Services Compensation Scheme (FSCS) funding review, saying current rules stifle growth in the regulated advice market.

PFS chief executive Keith Richards (pictured) wrote to then Chancellor George Osborne in July. His concerns about the funding review's "unnecessarily narrow scope" have since been passed to Osborne's successor, Philip Hammond. The PFS said it was engaged with the Treasury over the issues raised in the letter. Advisers have previously expressed concerns that the "good guys pay" under the current FSCS levy structure. The way the organisation is funded is under review following recommendations made in the Financial Advice Market Review (FAMR). The review found the costs of the FSCS were ...

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 Regulation

Compliance relics: The case against PDFs and screenshots

Compliance relics: The case against PDFs and screenshots

'Partial records or flattened archives are no longer sufficient'

David Clee
clock 09 July 2025 • 5 min read
FCA data request prompts SimplyBiz's sector-wide compliance session

FCA data request prompts SimplyBiz's sector-wide compliance session

Nearly 600 advisers sign up for July webinar on navigating new s165 data requirements

Sahar Nazir
clock 09 July 2025 • 2 min read
FCA data information request: Four focus areas for advisers

FCA data information request: Four focus areas for advisers

‘Data is not just a compliance tool it’s a strategic asset’

Chris Davies
clock 07 July 2025 • 5 min read