FSCS levy demand for 2023/24 'significantly' cut to £270m

Updated levy is £208m lower than the forecast published in November 

Jenna Brown
clock • 3 min read

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 ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Non-financial misconduct: Is the FCA's final guidance progress or overreach?

Non-financial misconduct: Is the FCA's final guidance progress or overreach?

'The FCA's rationale is clear: workplace culture drives conduct risk'

David Hamilton
clock 26 January 2026 • 4 min read
FCA ban and £2m fine upheld against 'worst' British Steel adviser

FCA ban and £2m fine upheld against 'worst' British Steel adviser

Upper Tribunal backs regulator's findings in key BSPS misconduct case

Sahar Nazir
clock 19 January 2026 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 19 January 2026 • 1 min read