The British Insurance Brokers Association (BIBA) has highlighted "inequality" in the current funding of the Financial Services Compensation Scheme FSCS).
The trade body noted insurance brokers are facing 48-fold increases in their FSCS fees from two years ago The Association said recent invoices from the FSA for 2010-11 fees and levies have highlighted the inequality of the current funding of the FSCS. It says it has been "inundated" with calls from members who are "incensed and ready for a fight". Eric Galbraith, chief executive of BIBA, says: "The increase in the FSCS levy on intermediaries is totally unjustified. It is not the failure of insurance brokers that is causing this massive increase in the cost of regulation." "The faul...
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