FSCS confirms zero levy for brokers in 2024/25
The Financial Services Compensation Scheme has confirmed the brokers will not have to pay a levy this financial year.
The FSCS originally forecast in November that it would keep general insurance distribution contributions at zero having not imposed a levy in 2023/24.
It detailed that the pot in which brokers sit had received an extra £2.4m in recoveries that were not anticipated in November. This helped take the surplus up from a forecast £1.4m to in fact opening 2024/25 with £4.9m.
“The 2023/24 class surplus was carried forward and should be sufficient for compensation payments in 2024/25,” the FSCS reported.
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