Brokers’ FSCS levy rises by £5m for 2017/18
New broker levy set at £18m as a result of an expected increase in PPI claims.
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
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