The PRA has issued a Policy Statement (PS) including feedback to responses to Consultation Paper (CP) ‘Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23’. The PS is relevant to all PRA-authorised firms and contains the final rules for the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) for 2022/23.
In the CP, the PRA and FCA consulted on a proposed MELL of £110.5 million for 2022/23 and received one response which queried how the proposed levy had been allocated across classes, the proposed cost and use of the FSCS’ revolving credit facility, and the need for the FSCS to have a budget for raising awareness. Having considered this response, the PRA has decided to publish the policy as proposed.
The FSCS MELL will apply for the financial year ending Friday 31 March 2023. The FCA has also made its for the 2022/23 MELL in its Handbook.