The Financial Services Compensation Scheme (FSCS) has revised its levy forecast for 2021/22 down to £833 million.

This 'reforecast' is £206 million lower than the indicative levy announced in January, but is still a £133 million increase compared with the 2020/21 levy of £700 million.

The increase is due to a number of factors, including higher value pension advice claims in the life distribution and investment intermediation class, pay-outs for the general insurance provision class and failures of SIPP operators in the investment provision class.