The Financial Services Compensation Scheme (FSCS) has published its Plan and Budget for 2017/18. This sets out initial forecasts of the levies financial services firms will pay next year as well as the scheme's expected management costs.
The new Plan and Budget reveal the FSCS expects to levy the industry £378m, down from £401m in 2016/17. After taking into account the 2016/17 supplementary levies also announced today, the total forecast levies are lower than this year. The FSCS has forecast "materially higher costs" for the life and pension intermediation sector and a second call on all firms to contribute to these claims. It added there was an increased levy on the investment intermediation class - "but only after allowing for the £50m refund this year" - and expected the levy for general insurers to be "significantly ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
