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FSA cuts FSCS funding

The FSA is cutting operational funding for the Financial Services
Compensation Scheme by 4.8 per cent to £11,839,000 from
12,435,624. The regulator says the cut is due to increasing efficiency
within the compensation scheme. FSCS head of finance Nick
Gooderham says the reduction in the scheme&#39s management
expenses levy reflects further savings made by the scheme and a
reduction in the number of pensions review claims the FSCS is
expecting to handle in 2004-05.

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