The Financial Services Compensation Scheme (FSCS) has published its Plan and Budget 2016/17. The document reveals details of a £363m indicative levy on firms for the period, foreshadows the FSCS’s management costs falling by nearly £2m and highlights internal organisational changes that aim to improve the customer experience.

Mark Neale, FSCS Chief Executive, said:

“I am happy to report that our management and operating costs are lower than last year again. It’s an indication of our commitment to value for money. One of our key imperatives is modernising our claims handling system and we have taken steps towards achieving this. We are pushing ahead with further changes that will make life easier for consumers. An online portal, through which they can submit claims, is being tested. In time, it will provide a more efficient service that, ultimately, transforms customers’ experience.”

The Plan and Budget is for consultation. The deadline for responses is 22 February 2016.

View FSCS publishes its Plan and Budget: 2016/17, 19 January 2016