The Financial Services Compensation Scheme has cut its 2023/24 levy for the Life Distribution & Investment Intermediation class - which includes financial advisers -by £4.4m.

There was a stark reminder this week that the cost of economic crime is hitting everyone in the pocket and financial advisory firms will be no exception.

The FCA will begin invoicing for the Treasury’s new Anti-Money Laundering levy from July, with some large firms expected to pay £250,000 per annum.

The Financial Services Compensation Scheme is forecasting a 20% cut to its levy requirement for 2023/24 thanks to high levels of surplus built up in the current financial year.