If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Plan and Budget: 2015 /16<br /> Financial Services Compensation Scheme<br /> Chairman’s<br /> foreword ><br /> Chief<br /> Executive’s ><br /> overview<br /> The levy<br /> ><br /> Update<br /> on seven ><br /> imperatives<br /> 2<br /> Contents<br /> Chairman’s foreword 4<br /> Chief Executive’s overview 6<br /> The levy 10<br /> Claims assumptions 12<br /> Management expenses 17<br /> Major banking defaults levy 22<br /> Update on seven imperatives 24<br /> 3<br /> Chairman’s foreword<br /> Last year we launched our five year Vision for a<br /> Confident Future. In it we set out seven imperatives<br /> to ensure FSCS meets both its stakeholders’, and<br /> consumers’, expectations. To remind you, those<br /> imperatives are:<br /> • Modernising our service<br /><a title="FSCS Plan and Budget 2015 FINAL page 1" href="http://viewer.zmags.com/publication/73ca992c?page=1"> Plan and Budget: 2015 /16 Financial Services Comp</a> <a title="FSCS Plan and Budget 2015 FINAL page 2" href="http://viewer.zmags.com/publication/73ca992c?page=2"> 2</a> <a title="FSCS Plan and Budget 2015 FINAL page 3" href="http://viewer.zmags.com/publication/73ca992c?page=3"> Contents Chairman’s foreword </a> <a title="FSCS Plan and Budget 2015 FINAL page 4" href="http://viewer.zmags.com/publication/73ca992c?page=4"> Chairman’s foreword Last year we launched our</a> <a title="FSCS Plan and Budget 2015 FINAL page 5" href="http://viewer.zmags.com/publication/73ca992c?page=5"> £3.6m marketing spend With this in mind, our in</a> <a title="FSCS Plan and Budget 2015 FINAL page 6" href="http://viewer.zmags.com/publication/73ca992c?page=6"> Chief Executive’s overview Welcome to our Pla</a> <a title="FSCS Plan and Budget 2015 FINAL page 7" href="http://viewer.zmags.com/publication/73ca992c?page=7"> This publication is supported by the joint Pruden</a> <a title="FSCS Plan and Budget 2015 FINAL page 8" href="http://viewer.zmags.com/publication/73ca992c?page=8"> 11% increase in employee satisfaction FSCS also</a> <a title="FSCS Plan and Budget 2015 FINAL page 9" href="http://viewer.zmags.com/publication/73ca992c?page=9"> Connect programme will allow us to respond quickl</a> <a title="FSCS Plan and Budget 2015 FINAL page 10" href="http://viewer.zmags.com/publication/73ca992c?page=10"> The levy Since 1 April 2014, except in the ca</a> <a title="FSCS Plan and Budget 2015 FINAL page 11" href="http://viewer.zmags.com/publication/73ca992c?page=11"> Annual Levy 2015/16 The indicative 2015/16 annual</a> <a title="FSCS Plan and Budget 2015 FINAL page 12" href="http://viewer.zmags.com/publication/73ca992c?page=12"> Figure 2: Forecast compensation costs by funding </a> <a title="FSCS Plan and Budget 2015 FINAL page 13" href="http://viewer.zmags.com/publication/73ca992c?page=13"> Figure 3: Forecast funding requirements by fundin</a> <a title="FSCS Plan and Budget 2015 FINAL page 14" href="http://viewer.zmags.com/publication/73ca992c?page=14"> Figure 4: Claims assumptions 2014/15 and 2015/16 </a> <a title="FSCS Plan and Budget 2015 FINAL page 15" href="http://viewer.zmags.com/publication/73ca992c?page=15"> 12,000 new insurance claims expected in 2015/16 </a> <a title="FSCS Plan and Budget 2015 FINAL page 16" href="http://viewer.zmags.com/publication/73ca992c?page=16"> 5,407 Life and pensions claims expected in 2015 /</a> <a title="FSCS Plan and Budget 2015 FINAL page 17" href="http://viewer.zmags.com/publication/73ca992c?page=17"> Management Expenses Management expenses budget Fi</a> <a title="FSCS Plan and Budget 2015 FINAL page 18" href="http://viewer.zmags.com/publication/73ca992c?page=18"> Figure 5: Management expenses budget 2014/15 Budg</a> <a title="FSCS Plan and Budget 2015 FINAL page 19" href="http://viewer.zmags.com/publication/73ca992c?page=19"> £3.6m investment in the Connect programme in 2015</a> <a title="FSCS Plan and Budget 2015 FINAL page 20" href="http://viewer.zmags.com/publication/73ca992c?page=20"> Figure 6: Split of Management Expenses for 2015/1</a> <a title="FSCS Plan and Budget 2015 FINAL page 21" href="http://viewer.zmags.com/publication/73ca992c?page=21"> £5.3m proposed reserve for 2015/16 Major recover</a> <a title="FSCS Plan and Budget 2015 FINAL page 22" href="http://viewer.zmags.com/publication/73ca992c?page=22"> Major banking defaults levy The major banking def</a> <a title="FSCS Plan and Budget 2015 FINAL page 23" href="http://viewer.zmags.com/publication/73ca992c?page=23"> Figure 8: Major banking failure loans Defaults Dr</a> <a title="FSCS Plan and Budget 2015 FINAL page 24" href="http://viewer.zmags.com/publication/73ca992c?page=24"> Update on seven imperatives How we’re doing a</a> <a title="FSCS Plan and Budget 2015 FINAL page 25" href="http://viewer.zmags.com/publication/73ca992c?page=25"> Figure 10: Our current target service levels for </a> <a title="FSCS Plan and Budget 2015 FINAL page 26" href="http://viewer.zmags.com/publication/73ca992c?page=26"> 2014 saw the Connect programme progress through d</a> <a title="FSCS Plan and Budget 2015 FINAL page 27" href="http://viewer.zmags.com/publication/73ca992c?page=27"> 63% adult awareness of FSCS or a protection schem</a> <a title="FSCS Plan and Budget 2015 FINAL page 28" href="http://viewer.zmags.com/publication/73ca992c?page=28"> We have produced our messages for temporary high </a> <a title="FSCS Plan and Budget 2015 FINAL page 29" href="http://viewer.zmags.com/publication/73ca992c?page=29"> Three key areas for improving accountability and </a> <a title="FSCS Plan and Budget 2015 FINAL page 30" href="http://viewer.zmags.com/publication/73ca992c?page=30"> FSCS is also pursuing and remains alert to recove</a> <a title="FSCS Plan and Budget 2015 FINAL page 31" href="http://viewer.zmags.com/publication/73ca992c?page=31"> capability; the use of the Institute of Leadershi</a> <a title="FSCS Plan and Budget 2015 FINAL page 32" href="http://viewer.zmags.com/publication/73ca992c?page=32"> Financial Services Compensation Scheme 10th Floor</a>