Source - SMW
The Financial Services Compensation Scheme expects to levy the industry £336m for the nine months to the end of March 2019 - up from £320m in 2017-18, which covers 12 months.

This year's plan and budget sets FSCS's latest forecast of potential claims volumes and associated compensation costs for 2018-19. 

It said: 'However, as set out in our latest industry newsletter Outlook, in order to align our levy and financial years, the forecasts for next year cover the nine months from 1 July 2018 to 31 March 2019.'

The scheme has also allowed for the introduction of a new single outsource partner to handle the majority of FSCS claims in its 2018-19 plans. 

It said the new single partner would be announced shortly.

The total amount of FSCS management expenses, the cost of running the scheme and of paying claims, will be £72.7m - up £3.5m from this year. 

It sai: 'The  key driver for this increase is the higher cost of enhancing FSCS resilience as we increase the size of the revolving credit facility FSCS maintains with a consortium of banks in order to fund a seven day pay-out and apply the lessons learned from the failure in 2016 of the Enterprise Insurance Company.'