Opinion: Editor's comment - July 2010
Have you received your letter, the one that informs you that your Financial Services Compensation Scheme (FSCS) bill has gone up a bit? "A bit?" I hear you cry. And cry you might for brokers are reporting increases of up to 800%.
This is not to say the FSCS should not be levying to provide compensation for customers who have no other recourse to compensation. Of course they should but the levies should be dished out proportionately. It is widely accepted that the main reason for the scale of this year's £61m levy on the sector is to make up for the mass mis-selling of payment protection insurance, mainly by the banking sector. So why then should brokers be held responsible for the cavalier trading of the banks?
Is it not
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