Higher FSCS levy for brokers using unrated insurers – FCA investigation

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The Financial Conduct Authority (FCA) has floated the idea that brokers who use unrated insurers should pay a higher levy to the Financial Services Compensation Scheme (FSCS) than those who only use rated insurers.

The issue has been raised in its wider consultation on the future funding of the FSCS and a number of specific changes to its scheme rules.

According to the watchdog it is aware that firms are concerned about being made to "contribute to the FSCS on the same basis as peers who

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