News analysis - regulation: increasingly oppressive FSCS costs could hamper recruitmentConcern that jobs may be lost as brokers struggle to foot rising bill
The recent increase of over 50% in the Financial Services Compensation Scheme (FSCS) levy for brokers has raised fears that it could cause redundancies in the industry.
The rise means that, according to figures from the British Insurance Brokers' Association (Biba), a firm with £20m commission income would have seen its FSCS fee rise from £3,000 in 2008 to £211,000 in 2011. The trade body has urged all members to write to their MP to highlight the potential impact on employment and while Steve White, head of compliance and training at Biba, denied the situation of high FSCS levies was the new normal he stressed it could be years before it improved. "Unless we
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