The Financial Services Compensation Scheme (FSCS) has set its 2023/24 management expenses budget at £99.8m, according to its latest budget update.
The compensation body also said its latest forecasted management expenses for 2022/23 totalled £89.2m. The figures account for the FSCS's day-to-day running costs, as well as costs associated with processing claims, it said. The total levy for 2023/24 - which includes both management expenses and estimated compensation payments - remains at a projected £478m. The lifeboat fund added that the Financial Conduct Authority and Prudential Regulation Authority would consult on an overall 2023/24 management expenses levy limit of £109.8m. It explained this included the proposed FSCS's ...
To continue reading this article...
Join Professional Adviser
- 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.