Complex claims to the Financial Services Compensation Scheme (FSCS) linked to poor advice have been blamed for a predicted rise in its running costs for 2022/23 as its annual management expenses budget is forecast to reach £95.5m.
The compensation body said in a budget update, release today (12 January), its running costs for 2021/22 would be £85.3m. It said to meet its running costs and ensure "it can help its customers get back on track as quickly as possible", FSCS predicts needing annual management expenses of £95.5m for the following financial year. However, it added the total levy (including both management expenses and compensation costs) for 2022/23 remains forecast at £900m. The Prudential Regulation Authority and Financial Conduct Authority are consulting on an overall management expenses levy l...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- 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.
