FSCS may hold insurers liable for PPI fines
The Financial Services Compensation Scheme (FSCS) has confirmed that it could pursue recoveries from insurers who permitted failed credit brokers to act as their agents.
Upon announcing the £69.5m levy on general insurance brokers for 2011/12 - down from an inital projection of £93.5m - Mark Neale, FSCS's chief executive assured levy payers that the FSCS would pursue recoveries against third parties whenever it was reasonably possible and cost effective. He added that these recoveries would be used to help offset the costs of compensating consumers when firms failed.
In response to this promise, the British Insurance Brokers' Association has said that where a
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