Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions his Department has had with the Financial Conduct Authority on the effect of the Financial Services Compensation Scheme levy on client-focused independent financial advisers.

The Treasury and the Financial Conduct Authority (FCA) both share the objective to ensure that the market for financial advice works well and are in regular discussions with one another about relevant developments in the market. We are aware of concerns about the effect of the increased Financial Services Compensation Scheme (FSCS) levy on financial advisers. We are working closely with the FCA, who are monitoring the issue and engaging with the financial advice sector to understand their concerns.