Brokers saving the UK economy
There is nothing nice about brokers being hit for payment protection insurance mis-selling refunds.
It is a well-known argument. Nobody contests the fact that millions of consumers were mis-sold products. But brokers didn't sell this insurance. Despite this, between 2008 and 2011 some saw a 900% increase in their FSCS levy. That hurts and is unfair.
Recently the Financial Services Authority announced its consultation on raising the cap on the pool that brokers sit in by 50% to £300m.
No guarantee that it means another 50% increase in your levy but the option would be there should the changes
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