The Financial Services Compensation Scheme (FSCS) has significantly revised its latest levy demand and now expects to bill the industry a total of £270m for 2023/24.
Its latest Outlook update, published today (25 May), said it expected to pay £471m in compensation during 2023/24 and would levy £270m - down from the £478m initially projected in November last year. It explained the gap between the compensation prediction and the amount levied would be "covered by surplus funds we are carrying over from 2022/23". It added its forecast "considered the trends of the past few years, the anticipated impact of firms that have already failed, and projections based on when future failures were expected to occur". The FSCS said it did not expect a retail ...
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