FSCS warns industry levy set to rise to £415m for 2024/25

FSCS confirmed 2023/24 remains at £270m

Jenna Brown
clock • 2 min read

The Financial Services Compensation Scheme (FSCS) is set to increase its levy to £415m for the 2024/25 financial year.

Its latest Outlook publication confirmed this year's levy would remain at £270m with no additional demands for the rest of the financial year. However, its forecast levy for 2024/25 is a much higher £415m. It said the "indicative figure is higher than for 2023/24, primarily due to larger surpluses that were carried over from the 2022/23 financial year which reduced the 2023/24 levy to £270m".  The body also said it had increased its levy for the next financial year as it expected: Investment and pension advice claims, due to firm failures from previous financial years, as well as...

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