FCA fines should contribute to cost of FSCS levy - PIMFA

PIMFA said the ever-increasing levy is the "clearest indicator of consumer detriment" and work is needed to improve the regulation and supervision of this sector. However, as the Financial Conduct Authority (FCA) has alluded to, this could take years to have an impact. For the short term, PIMFA has proposed that FCA fines imposed on firms for regulatory failures, other than the small proportion given to charity, contribute to funding the FSCS. This, the body said, would either limit FSCS levy increases to a more manageable level, or potentially reverse FSCS levy increase altogether. I...