Levy On Finance Firms Hiked To £649M For Minibond Costs

Law360, London (May 21, 2020, 11:57 AM BST) -- Britain's bankruptcy compensation program said Thursday that finance companies will be required to pay £649 million ($795 million) in fees for 2021 — an increase of £14 million from the levies estimated in January.

The extra fees now come to £101 million more than lenders and insurers paid for 2020. The Financial Services Compensation Scheme said the hike is largely the consequence of the estimated £44 million cost of paying compensation after the high-profile collapse of London Capital & Finance, a minibond investment fund,in 2019.

But the compensation program said it had found savings elsewhere to bring the net increase in fees...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!