PRA and FCA have issued a joint consultation paper on the management expenses levy limit (MELL) for the FSCS for 2016/17. The proposed levy limit of £72.7 million would apply from 1 April, the start of FSCS’ financial year, to 31 March 2017. This represents a reduction in the management expenses limit and an unchanged contingency budget from the current year. Consultation closes on 15 February. (Source: FCA and PRA Consult on MELL for FSCS)