Financial Services Compensation Scheme (FSCS) bills for the coming year have risen sharply, partly due to the British Steel pension saga.
FSCS revealed that more than £71m above their forecast for 2018/19 had to be levied including an extra £52m on life and pensions advisers.
Fees had to be hiked due to impending defined benefit transfer claims.
Life and pensions adviser levies are capped at £75m, meaning the surplus £64m will have to be paid by other parts of the industry.
Another £18m bill has arisen “almost entirely” due to claims against SIPP advisers.