Consultation paper published on Financial Services Compensation Scheme – Management Expenses Levy Limit 2020/21

Industry News | 15/01/20

The joint consultation paper by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) presents proposals for the Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2020/21. The CP is supported by the publication of the FSCS’s Plan and Budget for 2020/21. The proposed MELL is £83.2 million for 2020/21, which consists of a management expenses budget of £78.2 million and an unlevied contingency reserve of £5 million. The proposed MELL would apply from 1 April 2020, the start of the FSCS’s financial year, to 31 March 2021. Consultation ends: 17 February 2020.