Insurance to pay majority of £221m FSCS levy
The Financial Services Compensation Scheme (FSCS) has estimated the levy on financial services firms for 2012/13 will be £221m, up from £217m in April 2011.
The FSCS stated in its 2012/13 Plan and Budget that the “most significant” claim area will continue to be in the payment protection insurance sector, with claims volumes expected to increase in the next year.
An estimated £120m of the total annual levy will fall to the insurance sector because of this.
The annual levy for the general insurance – intermediation class was £69.5m in 2011/2012.
The predicted levy for this sector has been reduced for the 2012/2013 period to £57m.
The general
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