I suspect there were some gasps this week when the Financial Services Compensation Scheme announced that its annual levy would fall by a whopping £150m from a predicted £415m to £265m for the 2024/25 funding year.

The Financial Ombudsman Service is expecting over 181,000 consumer complaints in the 2024/25 financial year, according to its annual consultation paper.

The FCA’s plans to make investment advisers set aside funds in advance to compensate investors if bad advice is given have been cautiously welcomed by Financial Planners.

The total levy to pay for the cost of the Financial Services Compensation Scheme is set to soar by £145m from £270m this year to £415m in 2024/25.