The Financial Services Compensation Scheme (FSCS), the UK's so-called lifeboat scheme, has said it is likely to need more than £1bn from the sector if it is to cover the cost of compensation during 2021. The FSCS published its plan for 2021-22 today, which reveals it will need at least £1.04bn from the industry, including £240m from advisory firms. This is a rise of 48% on 2020. Caroline Rainbird, chief executive of FSCS, said: "This annual levy ensures we can protect consumers, which helps to improve market stability and increases confidence in the finance sector." "But we appreci...
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