Watchdogs Set £75M Bank Levy To Fund Bankruptcy Scheme

Law360, London (March 29, 2019, 1:15 PM GMT) -- Finance watchdogs said on Friday that banks must pay £74.6 million ($97.8 million) to fund Britain’s bankruptcy compensation scheme over the next year, after companies in the sector declined to protest against a hike in the levy.

The Financial Services Compensation Scheme’s management budget for April to March 2020 was set at £79.6 million, a 2.4 percent rise compared with 2018, the Financial Conduct Authority and the Prudential Regulation Authority said. Financial services companies must pay £74.6 million to fund the lifeboat’s running costs, with £5 million coming from the scheme's reserves.

The statutory compensation scheme initially asked banks and insurers...

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