Consultation opens
Read more about Consultation opens
12/01/2023
Consultation closes
09/02/2023
09/02/2023
We alongside the Prudential Regulation Authority (PRA) are consulting on proposals for the annual Management Expenses Levy Limit (MELL) for the Financial Services Compensation Scheme (FSCS) for the financial year 2023/24.
The FCA and PRA are required to set a limit on the total management expenses that the FSCS can levy financial services firms. The MELL covers the FSCS’s ongoing operating costs and includes the FSCS’s IT, staff, legal and outsourced and internal claims’ handling costs. It does not include compensation costs, which are levied separately and decided by the FSCS.
This consultation closes on 9 February 2023. Please send any comments on the proposed MELL using the online response form on the FCA’s website or by email.
The FCA is accepting responses on behalf of both the FCA and the PRA, and both authorities will consider the responses.
Subject to the responses to this consultation, the FCA will then issue a Handbook Notice and the PRA will publish a Policy Statement so that final rules can be in place for the start of the FSCS’s financial year on 1 April 2023.
The proposed MELL for 2023/24 is £109.8 million consisting of: