FSCS levies set to top £30m in next year

Financial services firms are expected to pay a net total of £30.7m in levies in the next financial year, according to the Financial Services Compensation Scheme (FSCS).

The scheme is currently predicting an estimated gross total 2008/09 funding requirement of £130.8m. However, the FSCS said that after fund balances in the current contribution groups at the end of 2007/08 were taken into account, initial indications are that firms may only have to pay a net total of £30.7m through the levy.

Loretta Minghella, chief executive of FSCS comments: “2008/09 will bring a range of challenges and changes for FSCS. The uncertainty in the financial markets provides a difficult backdrop against which to forecast claims, though we currently anticipate the total number of claims will be less than last year.

“In addition, we expect new legislation and FSA rules on financial stability and deposit protection to change the way FSCS operates and the protection we can provide. Our priority throughout will be to ensure that claimants benefit from high quality, efficient claims handling whatever challenges and changes come our way.”

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