Brokers’ FSCS levy rises by £5m for 2017/18

UK finance

The Financial Services Compensation Scheme (FSCS) has confirmed that brokers will pay a levy of £18m for the year 2017/18.

This is a £5m increase from the indicative levy of £13m that was reported in January this year, and a rise compared to the £8m brokers paid in 2016/17.

According to the FSCS, the rise was a result of the Financial Conduct Authority’s announcement of a two-year cut-off for personal protection insurance (PPI) claims, which is expected to lead to an increase in the number of