Brokers face £19m FSCS levy hit for 2016/17
Fee projected to increase from zero in 2015/16 with overall funding levy rising to £363m.
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%
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
W Denis maintains profits as turnover dips
Leeds-headquartered broker W Denis kept pre-tax profits at £1.55m in the year ended 30 June 2025 despite turnover slipping 13.1%.
Jensten reveals deals bill in run-up to Bain takeover
Jensten picked up a bill of £75.73m for four acquisitions in its final full year under Livingbridge’s ownership.
TBIG closed 2025 with seventh deal
The Broker Investment Group completed its seventh deal of 2025 at the end of December backing The Needham Group to buy Black Lion Broking Services.
End of Year Review 2025: Zurich Insurance’s Nikki Lidster
Nikki Lidster, head of SME at Zurich Insurance, reminisces about connecting with broker partners at the Biba Conference and promises if they want to get in touch with the business, they will get through to a skilled Zurich employee – never a bot.
End of Year Review 2025: Allianz UK’s Nick Hobbs
Nick Hobbs, chief distribution officer at Allianz UK, prays for a more balanced approach to regulation that enables and encourages great conduct and customer outcomes; congratulates Ken Norgrove for the Intact rebrand; and looks to a feathered friend for AI inspiration.
End of Year Review 2025: Markel UK’s Joanne Skyes
Joanne Sykes, divisional director - broker at Markel UK, predicts an escalation in demand for cyber risk and ransomware cover, whilst singing the praises of Biba CEO Trudgill and ‘Yellow’ with Coldplay’s Chris Martin.
Travel insurance broker goes into liquidation
Michael Pettifer Insurance Brokers, trading as MPI Brokers, went into creditors’ voluntary liquidation on 21 November, the Financial Conduct Authority has confirmed.
End of Year Review 2025: Crawford & Co’s Glenn Thornton
Glenn Thornton, head of major and complex loss at Crawford & Company, says farewell to two insurance icons in ‘Royal’ and ‘Sun Alliance’; hails the youngest deputy president CILA has ever had in Marsh’s Melissa Cunningham; and predicts AI driven dynamic valuation could be the key to finally beating underinsurance.