UK Compensation Program Raises Redress Levy To £635M

Law360, London (January 16, 2020, 5:02 PM GMT) -- Britain’s bankruptcy compensation program said Thursday that banks and insurers must hand over £635 million ($829 million) to pay for redress to consumers in the year to March 2021, a rise of £87 million from the money they paid for 2020.

The Financial Services Compensation Scheme said it predicts that the annual levy it will impose on U.K. financial groups to cover compensation to depositors and policyholders from April will be 15% higher than the £548 million that they will have paid for the 12 months to  this March.

The FSCS said its demand for the upcoming financial year will rise...

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