Biba maintains warning on FSCS levy

Clock with coins

The British Insurance Brokers’ Association (Biba) has called on brokers to keep planning for sizeable levy charges from the Financial Services Compensation Scheme (FSCS).

The FSCS confirmed last week that it would be hitting brokers with a £16m extra levy this year, bills are likely to arrive this month.

The £16m comes on top of the original £18m cost for 2018/19. It could however have been worse for brokers – the FSCS still had £8m available and set this off against the £24m it said it needed

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