FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which it claimed could reduce the likelihood of interim levies and offer firms more certainty in the level of fees they pay.
The regulator noted that the current funding model had been in place since April 2008 but during that time there had been significant payouts, resulting in sizable levies for some funding classes.
It argued, however, that the last four years had proven that in terms of consumer confidence it was vital to have such a compensation scheme in place.
Accordingly the FSA highlighted that the consultation paper it had put forward, which will run until 25 October 2012, would deliver a credible funding
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