Biba gives "cautious welcome" to FSA proposals

Eric Galbraith

The British Insurance Brokers' Association (Biba) has given a "cautious welcome" to the Financial Services Authority's (FSA) Financial Services Compensation Scheme (FSCS) funding model.

The FSA today confirmed new funding rules for the FSCS following its July 2012 proposals. 

And the trade body said that the FSA's policy statement and consultation now means that two of its key lobbying issues have been achieved.

In short, brokers will no longer have cross subsidies with banks while the FSA has agreed to re-consult on the method of cross-subsidies.

Biba had previously argued that brokers would have financial responsibility for the mis-selling of insurers' products by other

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.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Broking Success: Embracing technology

Mark Thomas, founder of Compare Insurance, is looking to harness the power of technology even further to continue the pace of 60% growth the business achieved last year.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: