On 29 March 2018, the PRA published Policy Statement 5/18: Financial Services Compensation Scheme – Management Expenses Levy Limit 2018/19 (PS5/18). The Financial Services Compensation Scheme (FSCS) is the compensation fund of last resort for customers of failed authorised financial services firms across the PRA’s and the FCA’s regulatory remit. The Management Expenses Levy Limit is the maximum amount which the FSCS may levy in a year without further consultation. It provides the FSCS with adequate resources to process compensation claims resulting from the failure of financial services firms. The final rules will apply for the financial year ending 31 March 2019.
