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

An industry 'badly let down' - PIMFA

clock • 2 min read

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 body chief executive Liz Field said in the short-term, PIMFA wanted the government again to c...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

A generational opportunity for financial advisers

A generational opportunity for financial advisers

Advisers could be the beating heart of Britain’s recovery

Tony Müdd
clock 06 November 2025 • 2 min read
Reeves focuses on NHS waiting list ahead of Budget

Reeves focuses on NHS waiting list ahead of Budget

Calls to slash IPT on PMI

Cameron Roberts
clock 04 November 2025 • 2 min read
Protection didn't make the Targeted Support cut and rightly so!

Protection didn't make the Targeted Support cut and rightly so!

Saving for tomorrow and protecting today

Tony Müdd
clock 30 October 2025 • 3 min read