Biba maintains warning on FSCS levy

Clock with coins

FSCS planning for £516m budget.

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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Markerstudy rebrands broking arm

Markerstudy Broking has been renamed to Markerstudy Distribution to encapsulate the range of products and services across the whole division, the business has confirmed.

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