FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which it claimed could reduce the likelihood of interim levies and offer firms more certainty in the level of fees they pay.
The regulator noted that the current funding model had been in place since April 2008 but during that time there had been significant payouts, resulting in sizable levies for some funding classes.
It argued, however, that the last four years had proven that in terms of consumer confidence it was vital to have such a compensation scheme in place.
Accordingly the FSA highlighted that the consultation paper it had put forward, which will run until 25 October 2012, would deliver a credible funding
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
End of Year Review 2025: Peach’s Ryan Bendelow
Ryan Bendelow, director of commercial at Peach is sad to see the RSA name consigned to the insurance brand graveyard, nominates Aviva’s Michelle Taylor as the insurance personality of the year and is worried about an increase in IPT in 2026.
FCA confirms insurance rules simplification
The Financial Conduct Authority has confirmed changes to simplify its rules for brokers and insurers including ongoing training and product reviews and revealed further plans for next year.
End of Year Review 2025: Corin Underwriting’s Andy Hurrell
Corin Underwriting CEO Andy Hurrell outlines the view a softening market rewards discipline; raises an eyebrow about the number of MGAs doubling down on scale over specialism; and advises rather than reacting to the crowd, back your underwriting judgement.
Ex-Jensten duo to launch SME MGA with Mission
Managing General Agent incubator Mission has announced that it has reached an agreement to support a new team in launching Kovrilo, a UK MGA that will provide a range of commercial insurance products tailored to SME clients.
Hockey named Ecclesiastical director of schemes and partnerships as Withers leaves
Ecclesiastical has hired David Hockey as director of schemes and partnerships, as Chris Withers steps down.
Zurich enhances offering for UK businesses with international operations
Zurich’s regional teams in nine hubs can now provide multinational insurance for UK business classified as mass risks with exposures in seven European Economic Area territories, Insurance Age can reveal.
End of Year Review 2025: Iprism’s Bradley Harmer
Bradley Harmer, chief commercial officer at Iprism, notes an influx of new capacity providers and MGAs entering an already saturated space and hails the promotion of Georgina Davis as a Zurich regional head at 28.
Start-up broker Pelican’s MD praises ‘transformative’ Aviva support programme
Chris Braniff, managing director of Pelican Insured, has made changes to all of the broker’s processes following taking part in Aviva’s Future Leaders Programme.