FCA agrees FSCS funding review recommendations

According to July's board meeting minutes, published last week, the FCA agreed to recommendations made following its consultation on FSCS funding, first published in December 2016.  In its consultation, which closed at the end of March this year, the FCA made a number of proposals, including that providers should make additional contributions to the compensation scheme.  It also proposed a risk-based approach, where firms considered to be ‘higher risk' would pay a premium on the FSCS levy. However, it shied away from introducing plans for a product-based levy, which had been favoured ...