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The PRA and FCA have published a joint consultation paper on the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS) for 2016/17. The MELL consulted on for 2016/17 is £72.2m consisting of: FSCS management expenses of £67.4m (the amount that will be levied for 2016/17); and a contingency reserve of £5.3m that allows the FSCS to levy additional funds, most likely at relatively short notice, to meet unforeseen contingencies. The MELL…