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Compensation Scheme Raises Levy On Financial Firms To £532M

Law360, London (April 30, 2019, 1:25 PM BST) -- Britain’s bankruptcy compensation scheme said on Tuesday that the levy it charges financial services companies to fund its running costs for the next year will be £532 million ($691 million), a £16 million rise since its January forecast because it expects more claims against pension providers.

The Financial Services Compensation Scheme has revealed the annual levy it will impose on U.K. banks, insurers and pension providers for the 12 months to March 2020.

Most of that pot, £457.4 million, will cover compensation that could be due to depositors and policyholders if financial firms becomes bankrupt. The FSCS will take the remaining...

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