A steep learning curve

In the past month Loretta Minghella, chief executive of the Financial Services Compensation Scheme (FSCS) has had a potential taste of how the broking sector might impact on the scheme with the collapse of Whiteley Insurance and the news that BPS had a hole in its client money account.

Before 14 January this year, when Financial Services Authority (FSA) regulation came into play, the general insurance broking sector did not fall within the FSCS's remit so the last six months have been a steep