ABI at odds with Biba over FSCS funding model
The Association of British Insurers has broken ranks and labelled the Financial Services Authority's (FSA) Financial Services Compensation Scheme (FSCS) funding model "an unhelpful step backwards".
It comes after the British Insurance Brokers' Association gave the new rules a "cautious welcome".
However, in a statement the ABI said: "It is not reasonable to expect the insurance industry to bear a cross-subsidy on FSCS levies to cover failures in different parts of the financial services sector.
"We generally welcomed last summer's proposals by the FSA for a new levy basis to be applied for the new Prudential Regulation Authority and Financial Conduct Authority, but the current proposals
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