First time tragedy, second time farce
Time to assume the position brokers. That’s right the one where you hold a pen over the cheque book and write out a big number for the Financial Services Compensation Scheme.
But you might soon need a bigger pen and longer cheque book.
In February last year I blogged about the 50% increase in the FSCS levy for brokers and wondered aloud whether it was time for a class action legal case.
To their credit the British Insurance Brokers' Association responded and argued why there were better options and other battles to pick.
This week the FSA consultation on funding the FSCS included the possibility of, wait for it, a 50% rise in the financial cap for brokers' sub-class
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