No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.
The warning came as the Financial Ombudsman Service (FOS) revealed that it expected to see 68,000 new payment protection insurance (PPI) cases submitted in the year to 31 March, an almost 40% increase on last year. It had previously predicted an 8% rise to 46,000. The FOS added that while its central forecast for 2011/12 was 60,000, the top end of the range would see 72,000 new PPI cases.
While distinct from the levy, the high level of expected activity indicates that brokers would be unlikely
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