Biba gives "cautious welcome" to FSA proposals
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
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