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

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Focused on retail investor access to corporate bonds

Cristian Angeloni
clock 17 July 2025 • 3 min read
Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Cannot forget lessons learned from 2008 financial crisis, founder urges

Jen Frost
clock 17 July 2025 • 3 min read
Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Includes redress changes and wholesale Consumer Duty review

Cristian Angeloni
clock 16 July 2025 • 3 min read