PIMFA welcomes reduction in 2023/24 FSCS levy forecast

24 November 2022

PIMFA welcomes reduction in 2023/24 FSCS levy forecast

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, welcomes the latest forecast of the Financial Service Compensation Scheme (FSCS) levy, which represents a significant reduction compared with previous years.

Simon Harrington, Head of Public Affairs at PIMFA, comments: “The forecasted FSCS Levy for the coming year represents significant and welcome downward movement, which will come as a relief to firms in an environment where other costs, which they have no control over, continue to rise.

“We welcome this news and hope that this is representative of future Levy forecasts whereby failed firms are wound up in an orderly manner and at no cost to the wider industry. First and foremost however, it is a source of contentment that a significantly lower Levy represents significantly lower instances of poor outcomes to consumers.” 

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NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA  leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Find out more about PIMFA’s Diversity and Inclusion work – read more
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011