News analysis: FCA consultation continues as FSCS hits brokers with levy hike

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The Financial Services Compensation Schemes’ (FSCS) plan for brokers to absorb a 62.5% levy increase has triggered criticism by the industry.

In its plan and budget for 2017/18, the FSCS said the levy for general insurance intermediation would increase from £8m last year to £13m. This would fund an expected overall increase in payment protection insurance (PPI) claims.

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The move comes after the Financial Conduct Authority (FCA) opened a consultation in December into how best to fu