FSCS broker fees £5m lower than predicted

money-uk

The Financial Services Compensation Scheme (FSCS) has confirmed that brokers will pay an £18m levy for 2020/21.

This is an increase on the £12m paid out last year by distributors.

Earlier this year the body indicated the broker levy for 2020/21 would shoot up to £23m but the revised figure has settled at £18m.

The FSCS explained: “As the Investment Provision class is not now expected to breach its class limit, the General Insurance Distribution class will not need to contribute to the retail

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