Biba repeats call for separate FSCS levy pot for brokers


The ABI has also responded to the FCA's consultation on the levy, arguing that insurers should not have to pay for "adviser failures".

The British Insurance Brokers’ Association (Biba) has reiterated its call for a separate Financial Services Compensation Scheme (FSCS) pot for brokers.

The Financial Conduct Authority (FCA) closed its latest consultation into the FSCS fees paid for by financial firms last week.

The regulator made a number of proposals following the initial consultation process, which was opened in December 2016.  

In January this year the FSCS predicted it will charge brokers £23m for 2018/19 a 28% increase

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