Why is there a levy in FSCS fee-block A.16 (pension review levy firms) this year?
It was originally anticipated that the FSCS would no longer need to levy the A.16 fee-block for pension review claims after 2006/07. However, the FSCS will need to levy this fee-block for £47.5m in 2007/08. This is mainly because pension review claims continue to be received in higher volumes than forecast, and include new claims submitted to the FSCS and claims that were previously rejected as the firm had not been declared in default. Further details on this are in chatper 15 of CP07/3; the FSCS’s publication, ‘Outlook, of 14 November 2006, as well as page 9 of the FSCS 2007/08 Plan and Budget, avalable on the FSCS website at: www.fscs.org.uk.
Related Questions
- How has the levy been affected by the Governments review of the level of guarantee through the FSCS – aren they proposing to increase the limit from £35,000?
- What ‘clean breaks’ were actually calculated for each of the contribution groups and how has it impacted on the FSCS levy firms will actually pay?
- Why is there a levy in FSCS fee-block A.16 (pension review levy firms) this year?
