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High financial compensation scheme levy due to historic misconduct, UK FCA says

( December 14, 2022, 00:02 GMT | Official Statement) -- MLex Summary: The increasing costs for financial institutions to fund the UK compensation scheme levy can be attributed to historic misconduct, which needs to be fixed to prevent future claims of the same nature, the Financial Conduct Authority said today. The regulator set out its planned next steps to review the Financial Services Compensation Scheme after receiving feedback from a previous consultation, which concluded that improvements should be made by eliminating harm by financial institutions rather than removing aspects of consumer protection.  Statement follows. Feedback publication attached....

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