There are no immediate plans to reduce the controversial Financial Services Compensation Scheme (FSCS) levy, according to the Financial Conduct Authority (FCA).
Speaking at a Treasury Select Committee meeting in parliament on Wednesday (4 November), chief executive of the FCA Nikhil Rathi told MPs: "I do not think it would be realistic for me to come here and give a commitment that the levy will diminish in the next 12 to 18 months." He said that the measures being taken by the FCA to reduce failures, including its work on fraud and scams, would hopefully "reduce the number of failures and therefore ultimately the burden that falls on the FSCS". Rathi was responding to committee chair Mel Stride MP, who said: "There is a concern that the levy...
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