FSCS broker fees £5m lower than predicted
The levy will be £18m falling from the indicated £23m, however, it is still more than the £12m collected last year.
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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