Biba backs FSCS funding review
The British Insurance Brokers’ Association (Biba) has given its full backing to the Financial Services Authority (FSA) following its announcement that it is restarting its funding review of the Financial Services Compensation Scheme (FSCS).
The review initially began in October 2009 but was put on hold 12 months later due to uncertainties around the impact of UK regulatory reform on the FSCS, and the ongoing development of EU directives.
HM Treasury has now published its proposals on the future structure, rule making arrangements and accountability of the FSCS, and further progress is being made on the EU Deposit Guarantee Schemes Directive (DGSD).
In light of these developments, the FSA has decided it is time to restart the FSCS
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