FCA joins forces with PIMFA to ease FSCS levy 'burden' on firms

Current levels of FSCS funding “unsustainable”

clock • 1 min read

The Financial Conduct Authority has pledged to work alongside Personal Investment Management & Financial Advice Association to help wealth managers and financial advisers stabilise the Financial Services Compensation Scheme (FSCS) by 2025.

The UK regulator said it would work with PIMFA on reducing the levy "burden" on firms between 2025 and 2030, once the FSCS is stabilised. The announcement came on Thursday (11 November), the same day the FSCS lowered its forecast for the levy from an initial £1bn for 2021/22 to £717m. FCA under fire over LV sale Sarah Pritchard, executive director, markets at the FCA, said the regulator was looking to stabilise the FSCS levy by 2025 as part of its "transformation policy". Speaking in a keynote speech at PIMFA's virtual senior leadership summit, she added that the FCA was targeti...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Industry

CFO turnover reaches highest level in six years due to 'fierce' market pressure

CFO turnover reaches highest level in six years due to 'fierce' market pressure

Private equity lures CFOs away

Linus Uhlig
clock 31 March 2025 • 3 min read
Enter now for IW Sustainable Investment Awards 2025

Enter now for IW Sustainable Investment Awards 2025

Closing date for entries is 9 May

Katrina Lloyd
clock 25 March 2025 • 3 min read
Advisers and retail investors warned on Aviva £450m preference share cancellation impact

Advisers and retail investors warned on Aviva £450m preference share cancellation impact

Follows institutional investor vote that saw none vote against

Jen Frost
clock 21 March 2025 • 9 min read
Trustpilot