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Nationwide predicts £250m FSCS levy

Nationwide has predicted that it will have to pay out £250m in levies for the FSCS.

Based upon information currently available to it and by reference to current interest rates which are subject to change, Nationwide anticipates total levies to the FSCS of approximately £250m, including £13m in aggregate relating to the former Derbyshire and the former Cheshire building societies, which are now a part of Nationwide.

In a recent House debate on building societies’ levies, it was reckoned that mutuals had already paid out £109m in levies; Nationwide’s prediction means that the sector is bourne with an overall levy of over £350m.

The mutual says: “We regard this cost which is ultimately borne by our members as an unfortunate consequence of the FSCS. The basis of allocation of the levies has a disproportionate and inequitable impact on low risk, predominantly retail funded institutions generally, and building societies in particular.

“We have lobbied the tripartite authorities to amend the scheme to reflect a more appropriate basis of allocation.”

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