FSCS levy ‘barrier to growth’ for firms, says PIMFA
As the lifeboat scheme forecasts it to increase to £415m in 2024/25
Levy
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UK lifeboat scheme cuts 2023/24 levy to £270m
But FSCS says it continues to see increasingly complex firm failures within the Sipp and DB pension advice areas
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FSCS predicts 24% drop in levy for 2023/24
With no additional increases expected for the current financial year
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FCA fees increase by £17.2m
As regulator looks to reduce sums paid by smaller firms and appointed representatives
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UK lifeboat scheme cuts 2022/23 levy to £625m
But compensation payouts expected to be greater than last year
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UK lifeboat scheme proposes £5m increase to 2022/23 budget
Due to rise in complex claims which will require additional time, resource and skilled expertise to process
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Deja vu as advisers hit with £240m FSCS levy yet again
UK lifeboat scheme ‘expecting to see more complex claims related to pension advice’ in 2022/23
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How does the UK lifeboat service forecast its levy?
Compensation costs, management expenses, recoveries and surpluses/deficits all part of process
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Second call for Aussie firms leaving advice market to pay levy
Expecting small companies to fork out on regulatory costs for the ‘sins of the past’ is ‘unconscionable’
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UK lifeboat scheme reduces 2021/22 levy to £833m
Lower forecast sparked by delays in Sipp claims and extension of government support for businesses
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Advisers worried higher levies will hurt clients
And impact their profitability as current climate is seen as unsustainable
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Would an exit levy help keep costs down for advisers?
It would mean financial institutions leaving the sector still contribute