In a joint consultation with the Prudential Regulation Authority (PRA), we are consulting on the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS).
The FSCS is the compensation fund of last resort for customers of failed authorised financial services firms across the PRA's and our regulatory remit. The MELL is the maximum amount that the FSCS may levy in a year without further consultation and is consulted on annually. The MELL being consulted on for 2017/18 is £74.54 million.
This consultation is relevant to all firms authorised by us and the PRA, but contains no material of direct relevance to retail financial services consumers or consumer groups upon which they might need to act.
This consultation has now closed.
We will consider your feedback and, subject to approval by the boards of the FCA and the PRA, we will finalise and publish our rules in a policy statement in March 2017. The finalised rules will take effect on 1 April 2017 and invoices will be sent out from July 2017.