Brokers' FSCS interim levy confirmed as £16m
Brokers will be hit with an interim Financial Services Compensation Scheme (FSCS) levy of £16m - down from the £20m previously predicted, Insurance Age can reveal.
The FSCS had previously signalled in its February Plan and Budget that brokers would face a £20m levy, due to the continuing high costs and volumes of payment protection insurance (PPI) claims.
However the £4m levy reduction will still come as little consolation as, including the levy revision, brokers will in total have stumped up £52m for the 2012/13 period.
The FSCS said that the additional costs "reflected the unpredictability" of its operating environment, coupled with the "uncertain
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