On 31 March 2015 the PRA published the policy following this consultation paper – see Related Links.
This consultation seeks views on the management expenses levy limit (MELL) proposed by the FCA and PRA for the Financial Services Compensation Scheme (FSCS) for 2015/16.
Under the Financial Services and Markets Act 2000 (FSMA), the FCA and PRA must set a limit on the total management expenses to be levied. This allows the FSCS adequate resources to perform its functions efficiently and economically, and provide a responsive and well-understood compensation service for consumers of financial services. This represents the maximum amount of management expenses that can be incurred in the year under the FEES rules, although it is not necessarily the amount the FSCS will actually levy in the coming year.
The proposed levy limit would apply from 1 April 2015, the start of the FSCS’s financial year, to 31 March 2016.
Summary of proposals
The MELL consulted on for 2015/16 is £74.4m.
The consultation closed on 16 February 2015.
Please address any comments or enquiries to the FCA at: firstname.lastname@example.org
or in writing to:
Strategy and Competition Division
Financial Conduct Authority
25 The North Colonnade
London E14 5HS