The proposed management expenses budget covering the FSCS’ ongoing expenses and IT, outsourcing, legal and claims handling costs has been proposed at £72.7, for 2018/19.
This is an increase of 5% (£3.5m) over the 2017/18 budget driven by a proposed increase in the capacity of its credit facility and a number of one-off costs.
Furthermore, the proposed contingency reserve for 2018/19 is £5m. The FSCS has reviewed the level required and considers that a £5m reserve is sufficient. This represents a reduction of 5.7% (£0.3m) from the 2017/18 contingency reserve.
The contingency reserve allows the FSCS to raise additional funds at short notice to meet costs that were not foreseen when the management expenses levy was raised. Furthermore, reserve can be levied without further formal consultation by the PRA and the FCA.
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