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
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