Broker FSCS management fees to increase
Sector expected to pay £9.5m towards management expenses in 2016/17, up from £6.6m for 2015/16.
The Financial Conduct Authority (FCA) has proposed a Financial Services Compensation Scheme (FSCS) management expenses levy limit (MELL) of £72.7m for the 2016/17 financial year, with £9.5m to be paid by brokers.
This represents a significant leap of 44% on the £6.6m brokers had to pay toward the FSCS last year.
The fee is for the running expenses of the FSCS and different from that paid to cover compensation payouts - the fee for which was set at zero for brokers in 2015/16.
The FCA is now
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