The Financial Services Compensation Scheme (FSCS) has cut its levy from the financial services industry by £2.4m from its initial 2008/09 budget.
However, the FSCS has projected a rise in claims against mortgage advisers, causing its overall levy requirement to rise by £0.9m. The total levy for 2008/09 is set at £131.7m, with an initial net levy from the industry of £28.3m in new money, down from the £30.7m figure published earlier. The FSCS says it has refined its claims and compensation projections for the year, with less claims for mortgage endowment and pensions reviews expected, while split claims and claims against mortgage advisers are expected to increase. The fall in the financial services industry’s bill is due to a tran...
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