26th July 2011
In April 2011 we announced the annual levy for 2011/12 as £217m. Since this announcement, Southsea Mortgage and Investment Company Limited (Southsea) has been put into liquidation and is in default for the purposes of the FSCS. The FSCS compensated the majority of Southsea’s customers within two days. The £7.3m compensation required for the Southsea default was not included in the FSCS’s original levy. The compensation amount required by the FSCS remains the same as the original forecast; therefore, the additional cost of Southsea has been added to the 2011/12 levy.
For more information please refer to the FSA fees calculator.