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FCA proposes 7% cut in FSCS expenses levy

The Financial Conduct Authority has proposed a 7 per cent reduction in the management expenses levy of the Financial Services Compensation Scheme.

In a consultation paper published last week, the regulator proposes a total FSCS management expenses levy of £74.4m for 2015/16, down from £80m in 2014/15.

This is made up of a minimum levy of £69.1m and a contingency reserve of £5.3m.

The management expenses levy limit is the maximum amount the FSCS can levy in a year for management expenses. 

Management expenses are separate from compensation costs and are not included in the sub-class cap calculations.

The MELL includes a proposed budget of £10.8m for major recoveries expenses, which is down by 29 per cent from a recoveries budget of £15.1m for the previous year.



Skipton’s seven-year range is no longer direct

Skipton Building Society has stopped distributing its seven-year mortgage range through its direct channel.  However, the lender is still accepting applications through brokers for a “limited time”. The products still available through brokers include a 60 per cent LTV remortgage-only option at 3.19 per cent and a 75 per cent version priced at 3.49 per […]


Lloyds and RBS ‘do not plan’ to copy Barclays’ LTI cap

Lloyds Banking Group and Royal Bank of Scotland have stated they have no plans to follow Barclays in applying blanket LTI caps. Last week, Mortgage Strategy revealed Barclays had limited all mortgage applications to 4.5 times income, regardless of salary or the LTV. Previously, the maximum LTI available was determined by a borrower’s salary and […]


iPipeline tool enables protection product comparisons

Financial services technology provider iPipeline has launched a tool to help advisers compare protection products.  The new software, Solution Builder, allows advisers to view multiple protection products on a single page, based on client information provided in a one-screen questionnaire. It also includes iPipeline’s XRAE underwriting software to provide more accurate premium quotations. The service […]


Analysis: Conveyancing is in much better shape

A new year signals renewed optimism, within the property market as a whole but specifically in conveyancing. The reason is simple. Conveyancers – at least, the larger-volume operators – are, on the whole, in much better shape than they were this time last year. At the start of 2014, the upturn in the property market took […]


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