Brokers face £19m FSCS levy hit for 2016/17

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The Financial Services Compensation Scheme (FSCS) has projected a £44m - 14% - rise in its overall funding levy for 2016/17 to £363m with brokers set to be charged £19m.

Last year brokers had a zero charge from the organisation with its final levy total coming in at £319m.

In the financial year 2014/15 brokers paid a £38m levy.

The new figures were revealed in the FSCS's Plan and Budget: 2016/17.

Management expense
They come a day after the Financial Conduct Authority (FCA) proposed a 44% increas