Financial safety net cuts levies even as payments increase

By Irene Madongo (May 26, 2022, 5:12 p.m. BST) – The Bankrupt Financial Services Business Compensation Scheme said on Thursday it expects the annual fee it charges businesses to drop by $92 million. pounds ($116 million) for the coming year, but that the payments it makes to consumers will increase.

The Financial Services Compensation Scheme said it expects its levy for the 2022-23 financial year to be £625million, after a surplus from the previous year when it charged businesses £717million sterling.

The rescue fund said there was a surplus partly because less compensation than expected was paid out last year.

“We have been criticized by some taxpayers on the size…

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