FSCS updates on budget and expenses

FSCS expects to end the financial year below its approved management expenses budget. It has proposed a slightly increased management expenses budget for 2024/25, of £103.1m and explains that FCA and PRA are consulting on an overall MELL figure of £108.1 which includes an unlevied reserve of £5m. This reserve has now returned to pre-pandemic levels and ensures FSCS can raise additional funds if it needs to in order to process any significant increase in claims for any unexpected firm failures.

Emma Radmore