FSCS maintains broker levy at £5.3m and forecasts no increase for 2023/24
The Financial Services Compensation Scheme has kept the 2022/23 levy for brokers at £5.3m as it revealed the bill for 2023/24 is poised to be the same again.
The FSCS set out that no additional levy is currently expected this year.
In May the compensation scheme cut brokers’ contribution for the current financial year from £67.7m to £5.3m as it cancelled a planned retail pool contribution of £59m.
In the latest update the FSCS released its first calculations for 2023/24.
The initial forecast is for a year-on-year drop in the total levy from £625m currently to £478m.
The charge to the general insurance distribution class in which brokers sit is
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