Teaming up with... AVIVA

Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

We hope you find the Updates useful. If you are
interested in subscribing to our affordable
ABC compliance support package, please
email us at ABC@ukgigroup.com or
call UKGI on our dedicated ABC
contact line 01925 767893.

FSCS publishes its November 2022 Outlook

Link(s):Our November 2022 Outlook | FSCS
Outlook November 2022 | FSCS

Context

FSCS Chief Executive Caroline Rainbird introduces the FSCS’ November 2022 Outlook, sharing updated compensation figures for this financial year, and providing a first look at the overall levy forecast for 2023/24.

Key points to note

  • At this stage in the 2022/23 financial year, no additional levy is expected.
  • The FSCS anticipates a reduction of around 20% in the levy required for next year.
  • The anticipated reduction for 2023/24 is due to surplus balances being carried over from 2022/23, with the FSCS expecting compensation costs in 2023/24 to remain relatively high at £592m.

Next actions

None – for information and awareness.