Biba puts forward 'ring-fenced' FSCS proposal

Eric Galbraith

Earlier this year, Biba vented its frustration at the Financial Services Authority's (FSA) proposal to increase the financial cap on brokers' FSCS sub-class by 50% to £300m.

In response, Biba has recommended an ‘alternative fairer structure' - produced on its behalf by consultants Oxera.

The trade body has called for a model which includes a separate sub-class for ‘pure' insurance brokers which also retains insurers in the cross subsidy part of the model in a bid to ensure greater responsibility

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