FSCS levy set at £287m as SIPPs turn sour

Laura Miller

The Financial Services Compensation Scheme (FSCS) plans to collect a levy of £287m from firms in 2015-16, as it prepares for a rise in claims related to self-invested personal pensions (SIPPs).

The levy covers compensation and management expenses, excluding the costs of the major bank failures of 2008/09. It compares with total levies so far in 2014-15 of £276m. The FSCS said it expects a...

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