Biba concerned with FSCS funding changes

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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