Biba hits out at 'token gesture' FSCS proposals
The British Insurance Brokers' Association (Biba) has vented its frustration at the latest Financial Services Compensation Scheme (FSCS) proposals, branding them "a token gesture".
Biba had previously urged the Financial Services Authority (FSA) to re-consult on the issue of insurer cross-subsidies, due to the perceived unfair financial burden on brokers.
However, although Biba explained it was "pleased" that the regulator had listened to its concerns and re-consulted, the trade body insisted the new proposals should go further.
Biba head of compliance and training, Steve White, said: "We are pleased that the FSA has now accepted that insurers should face financial
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