Interim FSCS levy scrapped but £61m PPI burden on brokers remains
The Financial Services Compensation Scheme (FSCS) has set the 2010/11 general levy at £148m.
More than £61m of this will go to firms in the General Insurance Intermediation sub-class, mainly to cover the costs of payment protection insurance (PPI ) claims. A proposed interim levy of £20m will no longer be required.
Together with investment and PPI claims, the other main area of claims costs for 2010/11 is general insurance. The General Insurance Provision sub-class will pay a levy of more than £41m for 2010/11, mainly to cover the ongoing claims costs from the Builders Accident
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