Three years in a row: Advisers face £240m FSCS levy demand again

An industry 'badly let down' - PIMFA

clock • 2 min read
Three years in a row: Advisers face £240m FSCS levy demand again

Financial advisers can expect a £240m regulatory bill for the next financial year once again as the FSCS has forecasted an overall levy of £900m for 2022/23 in its November outlook.

As for the current levy, the Financial Services Compensation Scheme (FSCS) has cut its 2021/22 fundraising to an overall figure of £717m, lower than the £833m levy announced in May, the body revealed. Despite welcoming the reduction in FSCS levy forecast for next year, PIMFA said it remains absolutely clear that the current levels of FSCS funding are unsustainable for the industry and can only be addressed once the drivers of FSCS claims are suitably addressed. The advice and investment trade...

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