Biba acknowledges positive news on FSCS

Steve White is CEO of the British Insurance Brokers Association

The British Insurance Brokers' Association (Biba) has welcomed the "positive news" that the Financial Services Compensation Scheme (FSCS) has confirmed a levy for brokers of £8m - some £11m below the initial projection of £19m.

The figure for 2016/17 still represents an increase from the zero payment in 2015/16 and Steve White, CEO of Biba, criticised elements of the scheme while firmly committing the trade body to lobby for change.

Cost of failures
White said: "It is positive news that the levy

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