Following the recent article in Professional Adviser on the Financial Services Compensation Scheme (FSCS) announcing a significant reduction in its annual levy for the 2024/25 financial year, John Netting looks back over time to see what history could tell us about where things might go from here…
While £265m is a relatively small reduction from the previous year's £270m levy, it is a more significant decline from the £415m forecasted in November last year and will bring immediate financial relief to the firms contributing to the scheme. The FSCS levies have varied significantly over the years, reflecting the financial environment and the number of firm failures that required compensation. Here's a summary of the overall FSCS levies in recent years: 2023/24: £270m 2022/23: £625m 2021/22: £717m 2020/21: £649m 2019/20: £532m 2018/19: £407m These figures clearly demons...
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