The British Insurance Brokers' Association (BIBA) has hit out at the industry's regulators for imposing what it calls ‘disproportionate' fee hikes and one-off levies on its members.
It believes intermediaries are being unnecessarily and excessively targeted compared to their European counterparts. Proposals for the FSA's regulatory fees and levies for 2010/11, published last week, suggest the minimum fees for firms in the A19 general insurance mediation fee-block will rise from £450 to £1,000 in 2010/11, an increase of more than 122%. In 2009/10, the number of general insurance mediation firms who only paid minimum fees was 3,099, or 34% of the total in the A19 block. BIBA chief executive Eric Galbraith says: "The overall cost of regulation is totally disp...
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