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...
On Thursday 12 March
Following Paterson Inquiry
Ruth Gilbert investigates another potential threat to life policies
'Business as usual'
Shortest-serving Chancellor for 50 years