The Financial Services Compensation Scheme (FSCS) will impose a levy of £532m on firms this year, £16m more than it forecast in January but £42m lower than the equivalent figure last year.

The CISI’s Financial Planning and wealth management members have responded positively to Government plans to introduce a pensions dashboard, but are worried about the costs.

PIMFA, which represents around 1,000 UK wealth managers and financial advisers, has called for an “urgent review” of the FSCS following yesterday’s announcement of an interim levy.

An extra £69m Financial Services Compensation Scheme (FSCS) bill will have to be footed by the retail pool as a result of pension transfer-related claims.