Skip to main content

Outlook November 2026

Our autumn Outlook provides an update on the 2026/27 levy and an early indication of the 2027/28 levy, helping firms with their financial planning.

Read the full November Outlook below, including our latest forecasts and a statement from our Chief Executive, Martyn Beauchamp.

Our next Outlook will follow in spring 2027.

Front cover of November 2026 Outlook

The 2026/27 levy remains unchanged at £247m, with no additional levy expected

  • Compensation costs are now forecast at £292m, £25m higher than in May's Outlook.
  • Recoveries are now expected to reach £43m, £10m more than originally forecast.
  • While compensation has increased, the levy position has been maintained through higher recoveries, effective use of available surpluses and disciplined cost management.

The initial forecast for the 2027/28 levy is £360m

  • The forecast increase compared with 2026/27 is principally due to lower surplus balances available to offset the levy.
  • By the end of 2026/27, surplus balances are expected to be over £100m lower than at the end of 2025/26, with most of the available surplus having been used.
  • Compensation is expected to remain broadly similar, driven by a mix of self-invested personal pension advice, general investment and insurance-related claims.

Full Outlook report

Outlook November 2026 front cover

Outlook November 2026

Contains an update about the 2026/27 levy.
Download pdf (1.38MB)
Image of two people looking at a purple laptop

Outlook archive

Copies of Outlook going back to 2015, downloadable in pdf format.
Visit archive

Further reading

Martyn standing in front of the FSCS logo

Martyn Beauchamp's statement

Martyn reflects on this year's forecast and discusses 2027/28.
Read the article in our News section
Woman with laptop in home office

How we forecast the levy

Forecasting the cost of our annual levy is a complex task with many moving parts.
Read about our forecast process
FSCS podcast logo

How is FSCS funded?

Listen to further information on our levy and recoveries.
Hear about how FSCS is funded

We'd love to hear what you think about how we're presenting this information. Please share your thoughts or suggestions with us here.

If you would like Outlook in an alternative format, please contact us.

Back to top Up Arrow