Regulatory Alerts2020-01-10
Financial Services Compensation Scheme – Management Expenses Levy Limit 2020/21
The Prudential Regulation Authority and Financial Conduct Authority propose a Management Expenses Levy Limit of £83.2 million for the Financial Services Compensation Scheme for the 2020/21 financial year. This limit comprises a £78.2 million management expenses budget, reflecting a 4.8% increase to handle rising claim volumes, and a £5 million contingency reserve. The consultation seeks feedback from authorized firms on these proposals, which aim to ensure the scheme remains adequately funded to process compensation claims and maintain consumer confidence.
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