Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will conduct a review of the effect of the Financial Services Compensation Scheme levy on firms required to pay that levy.
The Government does not have a role in setting the Financial Services Compensation Scheme (FSCS) levy. The FSCS is an independent non-governmental body which carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are themselves also independent from government.
The FSCS has said it will be working with industry and regulators to do what it can to address any concerns about updates to this year’s levies.