FSCS lining up first broker levy in five years
The Financial Services Compensation Scheme has revealed brokers are being lined up to pay a £4.5m levy in 2027/28, the first payment in five years.
The sector was charged £5.3m in 2022-23 but the bill has been slashed to zero ever since.
Brokers sit in the general insurance distribution pot.
RelatedLondon-based wholesale broker Lonsdale goes into liquidationIndependent Lloyd’s wholesaler Lonsdale Insurance Brokers went into liquidation on 24 July 2024, after sale talks did not lead anywhere and the directors decided to cease trading in June.
The driver behind the initial forecast of returning to payments in 2027/28 is the pot will have run
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