Light at the end of the FSCS levy tunnel?

tunnel

It remains unclear whether brokers left reeling by huge increases in the Financial Services Compensation Scheme will be able to seek a retrospective reduction from the regulator.

Intermediaries have experienced hikes of 800% or more in this year's levy. The mis-selling of payment protection insurance, a product that has not been sold in any significant volume by brokers, is mainly responsible for the increase.

One broking firm has seen its levy increase from just over £9,000 last year to nearly £80,000 this year, while another has seen an increase from £5,500 to almost £50,000 in the last year.

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