Brokers "ready for a fight" over FSCS levy
The British Insurance Brokers' Association (Biba) said that the recent invoices received by members from the Financial Services Authority (FSA) for the 2010-11 fees and levies have highlighted the inequality of the current funding of the Financial Services Compensation Scheme (FSCS).
Eric Galbraith, Biba chief executive, said "Biba has been inundated with calls from members who are incensed and ready for a fight. 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."
Mr Galbraith continued: "The fault actually lies with the failure of firms whose core business is not insurance intermediation and with the FSA who have consistently failed to adequately
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