Watchdogs Raise Levy To £78M To Run Bankruptcy Scheme

Law360, London (January 15, 2020, 12:51 PM GMT) -- Banks and insurers must pay £78.2 million ($101.7 million) to fund the operations of the U.K.’s bankruptcy compensation scheme for the 12 months from April, the country’s finance regulators said Wednesday.

The Financial Conduct Authority and the Prudential Regulation Authority have set out the the annual levy on financial services companies for the management budget of the Financial Services Compensation Scheme, which will pay for the lifeboat’s running costs. The levy covers staff, IT, legal work and claims-handling costs.

Finance companies will be expected to pay 4.8% more to the FSCS than the £74.6 million they paid for the year ending this March...

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