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.