UK’s Financial Services Compensation Scheme

The Association of Professional Financial Advisers (APFA) has said it hopes a new approach to funding the Financial Services Compensation Scheme (FSCS) will mean lower overall contributions from advisers in the long term.

Advisers could face a higher levy from the Financial Services Compensation Scheme (FSCS) under proposals for a new funding model.

The British Insurance Brokers' Association (Biba) has raised concerns about the proposal to increase the financial cap on brokers' sub-class in the Financial Services Compensation Scheme (FSCS) by 50% to £300m.

The Financial Services Authority (FSA) has set out proposed changes to the funding of the Financial Services Compensation Scheme (FSCS).

The Association of Independent Financial Advisers (AIFA) has hit out at "spiralling" fee rises from the Financial Services Authority (FSA), Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS).

The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.