The FCA has promised to reduce the FSCA levy from 2025 by 10% a year - but only if it can reduce the number of consumers being harmed by rogue financial services companies.

The FSCS has cut its latest levy forecast by £206m from £1.04bn to £833m but the body has warned that the levy on advisers is unlikely to change.

The Financial Ombudsman is to increase its case fee by £100 to £750, according to its new budget and financial plans published today.

Wealth manager trade body PIMFA has attacked the FSCS forecast today of a £1bn compensation levy as a “scandal” which points to regulation failing consumers and firms.