The good guys shouldn't pay: Help us campaign to change FSCS levy system

Supported by PFS, PIMFA and Penney

Tom Ellis
clock • 4 min read

The Financial Services Compensation Scheme (FSCS) funding system places an unfair burden on good, honest financial advisers and we at Professional Adviser are campaigning for change.

For too many years decent financial advisers have had to pay obscene costs to prop up the FSCS and subsidise malpractice. The good guys pay system is broken, and honest advisers have never felt it more keenly than after the lifeboat fund recently said it would bill the financial advice levy pool an eye-watering £213m for 2020/21, as well as an extra £50m supplementary fee for 2019/20. Advisers are forced to pay an equal share of the levy regardless of whether they have a faultless record or whether they recommend risky investments, such as unregulated investment schemes, often cited as a...

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

News editor's view: Why advisers should pay attention to student loans

News editor's view: Why advisers should pay attention to student loans

The news editor's Friday Night Takeaway from 12 June

Isabel Baxter
clock 12 June 2026 • 4 min read
Feel Good Friday: Finli Group raises money for dementia charities

Feel Good Friday: Finli Group raises money for dementia charities

Has raised £10,000 and hopes to generate an additional £10,000

Professional Adviser
clock 12 June 2026 • 1 min read
Education minister: Student loan repayment threshold freeze did not break the system

Education minister: Student loan repayment threshold freeze did not break the system

‘These are design choices we have inherited’

Sophia Panayi
clock 11 June 2026 • 3 min read