FSCS reduces broker levy for 2021/22
Biba welcomes the move to slash the total broker contribution by half, as it brands the original forecasted levy as "grossly unfair".
The Financial Services Compensation Scheme (FSCS) has updated its levy forecast for 2021/22, with the broker levy set to be reduced to £12.9m.
The total broker contribution has reduced from £146.8m to £73.8m. This includes the levy for the broking funding class of £12.9m, compared to the forecast of £14.4m, as well as a contribution to the retail pool of £60.9m, which has been reduced down from £132.4m.
The FSCS explained that the total levy, which has been revised to £833m, is expected to
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