FSCS warns industry of £1bn compensation bill

clock • 2 min read

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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?


Author spotlight

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.