FSCS hikes broker levy up by £11m for 2020/21

money

The Financial Services Compensation Scheme (FSCS) has announced a levy increase of £11m for brokers in its Plan and Budget for 2020/21.

According to the FSCS’s forecast, the general insurance distribution class is expected to pay a levy of £23m for the financial year, up from £12m in 2019/20.

However, the indicative levy for the general insurance provision class, which includes insurers, came in at £118m, down from £165m last year.

In total, the proposed 2020/21 indicative levy is £635m, an

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