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
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