Investment - Articles - PIMFA welcomes significant reduction in FSCS levy

PIMFA has welcomed news of a reduction in the annual Financial Services Compensation Scheme (FSCS) levy for 2024/25 from the forecast £415m in November 2023 to £265m today.

 Simon Harrington, Head of Public Affairs at PIMFA, commented: “We welcome the reduction of the annual FSCS levy for 2024/25. This will come as welcome relief for firms and reduce their outgoings for the coming year allowing them to focus investment internally rather than on servicing the cost of regulation.
 “We are particularly pleased to see that the FSCS has managed to recover a significant amount from failed firms over the reporting period and this is something which we would like to congratulate the FSCS on.
 “We have always been clear that more focus should be placed on recovery in pursuit of reducing the levy and while we accept that recoveries are difficult and even harder to plan for, this represents significant progress on behalf of the FSCS and the Levy more generally.”

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