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UK financial firms subject to GBP1.4 billion failure levy in 2021

( January 22, 2021, 17:22 GMT | Official Statement) -- MLex Summary: UK financial firms, including lenders and brokers, are subject to a 1.4 billion-pound failure levy ($1.91 billion) for the next year, a huge increase on the previous year as policymakers prepare for increased failures as a result of the Covid-19 pandemic. The Financial Services Compensation Scheme, an insurance program to compensate customers when their authorized financial firms fail, said today it was increasing the levy by almost 50 percent, with the 1,000 largest companies required to pay half in March.The plan and budget document is attached....

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