FSCS warns industry of £1bn compensation bill

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FSCS warns industry of £1bn compensation bill

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...

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.