FSCS slashes broker 2023/24 levy to zero
The Financial Services Compensation Scheme has dropped plans to charge general insurance brokers £5.3m in 2023/24 as it cut the contribution to nil.
Last November the FSCS’s initial calculations had kept the broker bill in line with the £5.3m of levies the sector paid in 2022/23.
The cancellation of the charge to the general insurance distribution class in which brokers sit was due to the year-end surplus from 2022/23 being expected to cover the costs for the 2023/24 financial year and the FSCS not expecting any new firm failures in 2023/24.
The change of plans came as the scheme revised its estimate for overall levies in 2023/24 down from
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