Biba concerned with FSCS funding changes
The British Insurance Brokers’ Association (Biba) has expressed concern that its members may be forced to help compensate the customers of Northern Rock, were the bank allowed to default, under new funding arrangements for the Financial Services Compensation Scheme (FSCS).
The funding changes become effective from 1 April 2008.
Last week, the Financial Services Authority (FSA) confirmed future funding arrangements for the FSCS which expanded the overall capacity of the scheme up to a maximum of £4.03bn per year. For general insurance intermediaries that level is £195m, a significant increase on previous funding requirements for the FSCS.
Biba said in a statement that it believed this level was disproportionate in comparison with insurance company threshold and
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