The FSCS has set the adviser levy for 2014/15 at £112m, up £7m on the January projection, despite the overall levy on the financial services industry falling.
Financial services firms will pay £37m less to the FSCS than projected in January after the overall levy was today set at a total of £276m, down from the provisional £313m set out in the FSCS budget in January.
But the FSCS will levy investment intermediaries £112m in 2014/15, having previously predicted a figure of £105m in January.
The FSCS says the figure includes the cost of Catalyst claims after it deferred a potential interim levy of £30m in 2013/14.
The investment intermediation levy compares to an annual levy of £78m for 2013/14.
The compensation scheme says that the lower overall levy is due to a fall in claims and says it “tentatively believes that PPI claims may have peaked last year and be set on a downward trend”.
FSCS Chief Executive, Mark Neale, says: “There is good news today for many firms. Our overall levy for the coming year is down from earlier indications. That partly reflects an expectation of lower claims volumes.
“But fund managers and investment intermediaries are also benefiting from our success in making recoveries. We have secured many millions of pounds for them and will continue to pursue recoveries wherever it is cost-effective to do so.
“These levies will enable FSCS to protect consumers in 2014/15. That, as always, is our top priority. It is reflected in the investment we are making in the year ahead in the modernisation of our service which for, the first time, will enable consumers to claim online. This is part of our broader strategy.”