The total levy to pay for the cost of the Financial Services Compensation Scheme is set to soar by £145m from £270m this year to £415m in 2024/25.
The Financial Services Compensation Scheme has cut its 2023/24 levy for the Life Distribution & Investment Intermediation class - which includes financial advisers -by £4.4m.
The FCA has launched a major review of the funding of the Financial Services Compensation Scheme due to soaring costs, including rising SIPP claims.
The FSCS warned today that its levy for the coming year will soar by a third to over £1bn with SIPPs and “complex” pensions cases behind a big chunk of the rise.
The Financial Services Compensation Scheme (FSCS) paid a total of £473m in compensation to 425,760 customers of failed firms during 2018/19, it has been revealed.
A director at Aegon has blasted today’s revelation that advisers will have to pay £175m in levy payments to the FSCS as “unfair”.
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