Annual levy 2019/20
The annual levy for 2019/20 is £532m - an increase of £16m from the indicative levy amount of £516m published in the January edition of our Plan and Budget. The final levy rates, after adjusting for provider contributions, are shown in the table below.
The main reasons for this increase are an uplift in the number of claims we now expect against SIPP operators and an upwards revision to the expected continuing costs in some historic insurances failures.
The SIPP operator forecasts will increase the levy on Investment Providers by £38m and claims on these insurance estates will increase the levy on the General Insurance Providers by £1m. These increases are partially offset
by adjustments in other classes, most notably a decrease of £22m in the levy on Life, Pensions and Investment advisers caused by a levelling out of pension advice claims.
Table 1: 2019/20 Levies by funding class