Brokers face another FSCS hike and situation could yet get worse

money-stacks

The Financial Services Compensation Scheme (FSCS) has predicted it will charge brokers £23m for 2018/19 a 28% increase on the £18m fee in 2017/18.

This is despite the fact that the 2018/19 cost will only cover nine months – from 1 July 2018 to 31 March 2019. The authority is changing its accounting periods.

The situation could yet get worse for the general insurance intermediation class in which brokers sit as the announcement of a £23m hit is only an indicative levy.

For 2017/18 the

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