Viewpoint: It's PPI payback time
After months of speculation, the letter has arrived. Andrew Welch explores just how hard brokers have been hit by this year's soaring FSCS levy as the FSA claws back cash to cover claims from mis-sold PPI policies.
General insurance brokers will have been shocked to have received this year's notification of the levy payable to the Financial Services Authority (FSA). In many cases it has shot up, for example a broker with a regulated income of £500,000 will have seen the charge more than double.
The main reason for this is a substantial increase in the amount required by the Financial Services Compensation Scheme (FSCS) to cover mis-sold payment protection insurance (PPI) claims against companies that have
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