The total levy to fund the FSCS will rise in 2016/17 to £363m.

The body’s budget for the next financial year was released this morning and showed the overall levy increase from £319m in 2015/16.

Investment advisers will have to fork out £108m in total, a decrease of £8m.

Pension and life intermediaries face a bill of £80m, down from the £100m in the current financial year.

FSCS chief executive Mark Neale said: “These levies bring into sharp relief the importance of the FCA’s forthcoming Funding Review which, in consultation with the industry, will examine how our levies are pooled across firms.

“We understand the issues faced by some firms in meeting our costs and the perceived unfairness of paying for someone else’s mistakes. We are grateful to those who have already shared their concerns over the way levies are currently determined and, with the FCA in the Funding Review, look forward to further debate on how best to resolve these concerns, while maintaining protection for the consumer.”

He said: “The bulk of the levy reflects our forecast of compensation costs and offsetting recoveries. We cannot accurately predict the volume or nature of claims in any year.

“However we expect that claims from retirement savers who have been badly advised to hold risky investments in their Self-Invested Personal Pensions will continue at current levels.

“We have therefore indicated a levy of £80m falling on life and pensions intermediaries in 2016/17. The levy on investment intermediaries, based on the three-year average, is set at £108m, slightly down on 2015/16. This reflects the continuing expectation of demands on FSCS for claims made on this sector.

“We also forecast increased levies on the deposits and general insurance provision and intermediation classes.”

Lawrence Churchill, chairman of FSCS, said: “For the second year in succession we are budgeting for management expenses to be lower than the previous year.

“Operating costs are falling for the second year: management expenses are coming down, from £69.1m in 2015/16 to a proposed budget of £67.4m in 2016/17. We work hard to keep the costs of operation down and I’m sure this reduction will be welcome news to levy payers.”