How advisers are bracing for the FSCS's revised levy demand

PA speaks to advisers on the impact of the FSCS revised levy demand

Sahar Nazir
clock • 5 min read

Last week, the Financial Services Compensation Scheme (FSCS) significantly revised its latest levy demand and now expects to bill the industry a total of £270m for 2023/24, Sahar Nazir writes…

Professional Adviser has spoken with  advisers to explore the implications of this increased levy demand on advice and how they may be affected. In its latest Outlook update, the FSCS 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 stated that the gap between the compensation prediction and the amount levied is expected to be "covered by surplus funds we are carrying over from 2022/23". In the weeks ahead, advisers may be looking to carefully manage their costs, assess pricing struc...

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