Brokers' FSCS levy will climb to £58m
Brokers are likely to be slapped with another Financial Services Compensation Scheme (FSCS) levy hike, the body has confirmed.
As part of its Plan and Budget: 2013/14 - which provides early assumptions about future claims and indicative levy estimates - brokers will be forced to stump up £58m.
The FSCS confirmed that, following increased speculation, the 2012/13 interim levy will be £20m, meaning brokers will have paid £56m for the year in total.
The British Insurance Brokers' Association (Biba) has lobbied the Financial Services Authority (FSA) to separate brokers from other intermediaries, such as credit brokers
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 Broker
Broker Expo 2026 Countdown Q&A: Pen Underwriting’s Nick Milton
Nick Milton, head of UK and European distribution at Pen Underwriting, advises the next generation of insurance professionals to “get out and meet people”, as the MGA looks forward to talking to brokers about its mid-market PI and cyber propositions at Broker Expo.
Clear adds to wholesale and MGA offering with latest deal
Clear Group has bought wholesale broker Commercial Risks (UK) and its managing general agent Troon Underwriting.
Insurance Age’s Broker Expo is happening this Thursday
The Broker Expo is now just three days away.
FCA alerts of Kent-based broker clone
Quotemetoday.co.uk has made clear it has no affiliation with Quote Me Go as the Financial Conduct Authority has reported fraudsters have been impersonating the Kent-headquartered broker.
Arch’s Ian Grundy on bringing specialist expertise closer to brokers
As Broker Expo returns to the NEC, Arch Insurance is once again ready to engage with their brokers. Ian Grundy, regional manager for the Midlands and South West, shares what’s changed at the insurer over the past year and why he thinks it’s worth setting aside 15 minutes to stop by at Stand 17.
Broker Expo 2026 Countdown Q&A: Casus Underwriting’s Stewart Croker
Ahead of Broker Expo next week, Casus Underwriting managing director Stewart Croker outlines why he thinks independent brokers have played a blinder over the last 12 months, and suspects “appetite” will still be one of the most important words in the room.
Intact’s Chris Brian on helping brokers unlock new opportunities
At Broker Expo 2026, conversations will inevitably focus on one of the industry’s biggest priorities: finding easier, more effective ways for brokers to place business while still accessing the expertise and service their customers need. Intact director, commercial lines sales Chris Brian explains that is exactly why it will be in Birmingham this month.
Broker Expo 2026 Countdown Q&A: Driversure’s Paul Rose
Ahead of the Broker Expo Paul Rose, director at Driversure, outlines how his firm is aiming to help brokers create a USP that will allow them to win new business more successfully; and touts Richard Branson as a prospective investor in the business.