Broker FSCS levy plummets to £5m for 2022/23 from expected £68m

Money

The Financial Services Compensation Scheme has cut brokers’ levy contribution to £5.3m for 2022/23 as it cancelled a planned retail pool contribution.

In November the FSCS’ indicative levy had put the broker bill at £67.7m.

The drop, the FSCS explained, was due to the general insurance distribution class in which brokers sit no longer having to make a £59m retail pool contribution to the life distribution and investment intermediation class.

The compensation service detailed that it no longer expected the LDII class to breach its annual levy limit and so did not need other classes to make up the shortfall.

For the broker class it added: “We

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