Compensation Fund Levy Could Jump To £900M In 2022

By Lucia Osborne-Crowley (November 11, 2021, 10:17 AM GMT) -- Britain's financial lifeboat fund said on Thursday that its annual levy for 2022 could hit £900 million ($1.2 billion), surging from £717 million in 2021 as more businesses than expected will fail in the coming year.

The Financial Services Compensation Scheme said that some companies that it thought would collapse in 2021 have not yet done so, and it expects these companies to go bust in 2022. That has led the body to hike its expected levy — the fee that firms have to pay into the fund — for the year.

"Getting customers back on track and helping build confidence in the...

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