FSCS predicts drop in overall levy to £478m for 2023/24

In its latest Outlook publication, the FSCS confirmed its total annual levy for 2022/23 would remain at £625m and said for 2023/24 would drop to £478m. "No additional levy is expected for the remainder of the current financial year," it said. The body added: "To help the industry prepare for the year ahead, in this Outlook, FSCS publishes its first look at the levy forecast for 2023/24, which is £478m. This indicative levy is lower than 2022/23, primarily due to surpluses that are expected to be carried over." It explained this included £91m in the ‘Investment Provision' class, mai...