PIMFA calls for 'urgent review' of FSCS following £69m extra levy

£405m levy total

Hannah Godfrey
clock • 2 min read

PIMFA has called for an "urgent review" of the Financial Services Compensation Scheme (FSCS) following today's revelation a multi-million pound supplementary levy is set to be introduced.

This morning (28 November), the FSCS revealed the lifeboat fund expected to see a deficit of close to £70m by the end of the year, and has forecast an additional levy of £69m to make it up.  FSCS chief executive Mark Neale said this was partly down to rising self-invested personal pension and defined benefit transfer claims. In January the FSCS said firms across the sector would have to pay a total of £336m to fund the scheme. With the additional £69m to cover costs, FSCS costs would total £405m. Reacting to the announcement, Personal Investment Management & Financial Advice Associ...

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