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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.

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