Levy 2009/10

30th March 2009

FSCS has confirmed an interim levy of £38m on investment intermediation firms for costs in 2008/09 relating to Pacific Continental Securities Ltd and Square Mile Securities Ltd.

The FSCS also announced that financial services firms will pay a general levy of £156m in 2009/10.

In addition, firms taking deposits will be expected to pay just under £406m to cover the estimated expenses to 31 March 2009 arising from the bank defaults of 2008.

For more information, please read the FSCS media release on the levy 2009/10.

Jargon Buster

  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • Investment

    a financial product in which money can be invested to earn interest or profit (although the value of investments can go down as well as up).