Opportunity for brokers to slash their FSCS contribution
Brokers labouring under the demands of this year's Financial Services Compensation Scheme levy may be given the chance to resubmit their data and dramatically cut their contribution.
Insurance Age has been made aware of at least two brokers that have resubmitted their income for business relevant to the compensation scheme to the Financial Services Authority (FSA) and have secured either a reduced bill or a refund, as appropriate. One of the brokers secured a refund of tens of thousands of pounds.
"If a firm believes that it overstated its annual income relating to its relevant business, it should get in touch with the FSA via the fees helpline," said a spokeswoman for the
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