Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the proposal by the Personal Finance Society that compensation awarded by the Financial Services Compensation Scheme be partly funded by a levy on the assets managed by the UK investment industry.

The Government does not have a role in setting the Financial Services Compensation Scheme (FSCS) levy. The FSCS is an independent non-governmental body which carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are themselves also independent from government.

The Government has engaged with a range of stakeholders in this area including the Personal Finance Society, and is aware of its proposal.