FSCS expects £30m adviser levy for 2008/9

In its plan and budget for 2008/09, the FSCS predicts an estimated gross total funding requirement of £130.8m. The smaller levy total comes after fund balances in the current contribution groups at the end of 2007/08 have been taken into account. 2008/09 will be the first year of a new FSCS funding regime, following a review carried out by the FSA. This establishes classes and sub-classes of firms for funding purposes, and ends the current contribution group system. A formal levy announcement will be made in March. The FSCS forecasts that it will receive around 14,000 new claims in the ...