What is the interim levy?
The FSCS operates on a ‘pay-as-you-go’ basis, and raises levies to cover the projected annual costs of the Scheme (both operational costs and the costs of compensation payments). It normally undertakes a levy process once every financial year, although further levies against the relevant sub-class (up to the threshold limit) can be raised if costs exceed those anticipated. In February this year, the FSCS published its Plan and Budget which included details of an interim levy to be raised against the investment intermediation sub-class. This levy arises from revisions to the FSCS’ earlier estimates of the compensation it is expecting to pay out during the financial year 2009/10.
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