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...

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 Your profession

'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read
Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Angela Rayner resigns after ethics report finds warnings ignored on tax advice

Following investigation

Sahar Nazir
clock 05 September 2025 • 2 min read
What will cryptocurrency regulation mean for financial advice?

What will cryptocurrency regulation mean for financial advice?

‘Regulation doesn’t automatically make something a sound investment’

Isabel Baxter
clock 05 September 2025 • 8 min read