Financial Services Compensation Scheme (FSCS)
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
FSCS adds Martyn Beauchamp as interim CEO
The Financial Services Compensation Scheme has appointed Martyn Beauchamp as interim CEO. Beauchamp will join the board as an executive director.
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
FSCS CEO Caroline Rainbird departs
Caroline Rainbird has left the Financial Services Compensation Scheme after four years as CEO.
FSCS slashes broker 2023/24 levy to zero
The Financial Services Compensation Scheme has dropped plans to charge general insurance brokers £5.3m in 2023/24 as it cut the contribution to nil.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
FOS to maintain levy at £106m despite forecast increase in cases
The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.
Graeme Trudgill ‘delighted’ to see FCA review funding of the FSCS
The British Insurance Brokers’ Association’s executive director, Graeme Trudgill has responded to the Financial Conduct Authority’s review of the funding of the Financial Services Compensation Scheme.
FCA reveals next steps for improving the compensation framework
The Financial Conduct Authority has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme, following concerns about increasing costs.
‘We expect insurers to pay’ – FCA agrees compensation for steel workers to trigger IFA claims
The FCA today agreed compensation for British Steel workers, meaning brokers are now braced for professional indemnity claims from financial advisers who gave them poor pensions advice.
FSCS maintains broker levy at £5.3m and forecasts no increase for 2023/24
The Financial Services Compensation Scheme has kept the 2022/23 levy for brokers at £5.3m as it revealed the bill for 2023/24 is poised to be the same again.
FSCS broker pot pays out £7m compensation in 2021/22 after levies of £13m
The Financial Services Compensation Scheme has revealed that the broker levy pot paid out £7m in compensation in 2021/22, less than half the £15m total in 2020/21.
Biba welcomes FSCS fee cut
The British Insurance Brokers' Association has welcomed the Financial Services Compensation Scheme's decision to lower the broker levy from £68m to £5m for 2022/23.
Broker FSCS levy plummets to £5m for 2022/23 from expected £68m
The Financial Services Compensation Scheme has cut brokers’ levy contribution to £5.3m for 2022/23 as it cancelled a planned retail pool contribution.
Biba’s White attacks FSCS funding model
Biba CEO Steve White has insisted that brokers “must not be left paying over the odds for the failures of others”.
FSCS pays out £7m in East West claims
Since East West Insurance Company went into administration the Financial Services Compensation Scheme has so far paid approaching £7m in valid claims costs.
FSCS confirms broker as failed
The compensation body has updated on the status of former broking firm Perry Prowse and released details of 12 companies that have gone out of business.
News analysis: Is it time for a regulatory rethink?
Regulation is stifling broker competition and innovation according to Biba, as regulators now face a House of Lords inquiry.
The top five stories of 2021
Insurance Age lists the five news stories that have been most popular this year, including updates on the BI saga, Intact's RSA takeover and David Williams' exit from Axa after 41 years.
MCE slams Gibraltar regulator after insurer arm goes into run-off
MCE condemns GFSC for applying capital add-ons on its Gibraltar-based insurance company, which went into run-off on 5 November.
FSCS confirms MCE Insurance Company has failed
The Gibraltar-based business went into run-off on 5 November, citing difficulties with Solvency II, while the UK-headquartered division of the company has signed a fresh capacity deal with Sabre.