PIMFA has welcomed the news that the Financial Services Compensation Scheme (FSCS) levy will remain unchanged for the remainder of this financial year (2023/24) and the first forecasts for the levy for the next financial year (2024/25). |
Simon Harrington, Head of Public Affairs at PIMFA comments: "We welcome today’s news that no additional levies will be raised for the Financial Services Compensation Scheme (FSCS) for the remainder of this financial year (2023/24). While the existence of the FSCS and the protection it provides remains a fundamental part of the financial services landscape, it remains the case that the cost of funding it represents a significant financial burden and barrier to growth for firms in this sector. More broadly, while the levy forecast for 2024/25 is lower than in previous years, indicating lower levels of consumers who have been let down, it remains the case that it is an uncontrolled cost to firms and penalises well-run firms for the failures of others. |
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