The PRA and FCA have published a joint consultation paper on the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2015/16. The MELL consulted on for 2015/16 is £74.4m consisting of:
- FSCS management expenses of £69.1m (this is the minimum amount that will be levied for 2015/16); and
- a contingency reserve of £5.3m that allows the FSCS to levy additional funds, most likely at relatively short notice, without formal consultation by the FCA and PRA to meet unforeseen contingencies.
The deadline for comments on the proposed MELL is 16 February 2015.
View CP15/2: Financial Services Compensation Scheme – Management Expenses Levy Limit 2015/16, 19 January 2015