Rowanmoor Pensions to absorb cost of FSCS interim levy

As a trusted award-winning pension provider, Rowanmoor Pensions is pleased to announce that we do not pass on the cost of the Financial Services Compensation Scheme to our clients.

The Financial Services Compensation Scheme (FSCS) is in place to provide compensation to consumers for loss should any regulated firm fail to meet its obligations. All UK firms regulated by the Financial Services Authority are required to pay an annual levy to the FSCS.

The normal annual FSCS levy is set at a moderate level. Due to exceptional compensation claims being made on the FSCS following recent investment firm failures, the FSCS has imposed a special interim levy on regulated firms. This has given rise to enquiries being made as to whether this interim levy will be passed on as a direct charge to clients.

Rowanmoor Pensions will continue to treat the levy, including the interim levy, as a business expense.