Biba: No levy for brokers is very good news
The trade body says brokers have previously been paying too much and that the model needs reworking.
The British Insurance Brokers' Association (Biba) has described the news that brokers are not expected to have to pay a levy to the Financial Services Compensation Scheme (FSCS) in 2015/16 as a positive development.
The FSCS released its plan and budget for the financial year 2015/16 yesterday and stated that general insurance brokers would most likely not have to pay a levy because of expected falling claims volumes and a higher opening fund balance in the sector.
Graeme Trudgill, executive
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