FSCS fees Calculator 2011/12

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.

Jargon Buster

  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.
  • 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).