12th July 2012

FSCS Levy Survey - now closed, results due next week.

The FSA has proposed to hike its annual costs by 15.6 per cent from £500.5m for 2011/12 to £578.4m for 2012/13. View the FSA consultation paper on fees and levies for 2012/13 here.

This was on top of an FSCS levy of £33m for 2012/13 confirmed in its plan and budget.

The FSCS levy will be consulted later this year. Given its current unfairness and the ever-increasing cash calls on adviser firms Panacea hopes these plans change.

In the run up to this consultation, Panacea has put together a survey to which nearly 500 of you have responded, producing a 100 page document of answers and feedback.

This will be published next week. In the meantime, many thanks to all of you who responded. Once the results have been correlated, they will then be sent to the FSA, FSCS, AIFA and TSC.

 

FSA/FCA, Panacea Comment, Panacea Surveys

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Comments (1)

There is in my view an unanswerable case for a product levy.

1. We actually already have a product levy – for investments it is SDRT (not to mention VAT) and for general insurance it is IPT @ 6%. Both imposts far in excess of whatever may be needed for a workable and sustainable product levy.

2. The Government (as always) is hypocritical in the extreme. No product levy but they are willing to impose a 0.75% levy on pensions to fund a daft and unworkable insurance scheme.

3. In addition I understand that the much maligned AIFA has been working assiduously behind the scenes attempting to prevent Boy George getting his sticky fingers on FSA fines. The proposal is to divert this money instead to the FSCS. That would go a long way to ameliorating the problem.

Harry Katz

Norwest   13/07/2012   09:59

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