| Link(s): | FSCS Levy Calculation Notes 2024/25 Final Rates (fca.org.uk) CP24/1: Financial Services Compensation Scheme – Management Expenses Levy Limit 2024/25 | FCA Outlook May 2024 | FSCS |
Context
The Financial Services Compensation Scheme (FSCS) levy is made up of two elements; management expenses and compensation. The FCA, in a joint consultation with the PRA, is consulting on the management expenses levy limit (MELL) element of the levy for the FSCS, with the compensation element being decided by the FSCS.
Key points to note and next actions
The proposed MELL is £108.1m for 2024/25, which consists of a management expenses budget of £103.1m and an unlevied reserve of £5m. This figure is £1.7m lower than the 2023/24 figure of £109.8m.
The proposed MELL is to apply from Monday 1 April 2024.