Whiteley default not factored into FSCS 2005/6 levy reduction
The Financial Services Compensation Scheme has updated its initial 2005/06 levy requirements to take...
The Financial Services Compensation Scheme has updated its initial 2005/06 levy requirements to take account of a substantial recovery now expected from the KWELM estate (Kingscroft, Walbrook, El Paso, Lime Street insurance companies and Mutual Reinsurance), of which it is a creditor.
This reduces the overall levy to £127.7m; a reduction of some £33m on the initial levy announced in April. The reduction impacts on firms in the general insurance contribution group. The levy on firms within this
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