FSCS ups total levy to £336m for 2018/19
Covers nine month period
Firms across the sector will pay a total of £336m to fund the Financial Services Compensation Scheme (FSCS) for the nine months to March 2019, according to the body's Plan and Budget.
The FSCS said this was up from £320m in 2017/18 - which covered a 12 month period. The body is shifting its financial years meaning forecasts this time reflect a nine month period. Earlier this month, the FSCS issued an additional £24m levy demand related to SIPP claims for 2017/18. It also admitted making a series of mistakes linked to Arch Cru payouts. The compensation scheme also announced it was set to introduce a new single outsource partner to handle the majority of FSCS claims. It said...
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