The British Insurance Brokers' Association (Biba) has welcomed the FSA's decision to restart its funding review of the Financial Services Compensation Scheme (FSCS).
It gave the regulator its full backing and hopes it will eventually lead to a change in the current "unfairness" in funding for the scheme. Biba has led an extended campaign to get the current situation reviewed which included submitting a 7,000 name petition to Parliament and demanding for the process to be accelerated to make adjustments before 2012's fee requirements. Eric Galbraith, CEO of Biba, said: "The unfairness inherent in the current FSCS funding model is a major cause of concern to me and our members. "We are being unfairly penalised by rapidly increasing levies for the...
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