The Financial Services Compensation Scheme (FSCS) has revealed it holds sufficient funds to cover compensation payments from the insurance sector during 2003/04.
The anouncement came as the FSCS revealed it will raise a levy of £87.9m to cover compensation payments and management expenses in 2003/04. The levy will include £80m to cover an anticipated pensions review.
FSCS chief executive Suzanne McCarthy said: "Firms were advised last year that FSCS was increasing its processing capacity to speed up completion of the departed firms element of the pensions review. This, inevitably, has an impact on the levy."
