The Financial Services Compensation Scheme (FSCS) has confirmed its levy for 2016/2017 at £337m. This is £26m less than the forecast in its Plan and Budget for 2016/17 published at the onset of 2016.
As a result, most industry sectors will contribute less in 2016/17 than was forecast, with the exception of the life and pensions intermediaries sector.
The FSCS has also published the April 2016 edition of its Outlook Newsletter. The newsletter provides a full explanation of the final 2016/17 annual levy and the FSCS management expenses levy limit that has been set at £67.4 million, as confirmed by the FCA and PRA in March.
Other items of interest in the newsletter are:
- The February 2016 National Audit Office (NAO) report on financial services misselling.
- The March 2016 final report on the financial advice market review (FAMR).
