IIB calls upon Treasury to completely review FSCS
In its response to the HM Treasury discussion paper, Banking Reform Protecting Depositors, the Institute of Insurance Brokers (IIB) has called for a complete review of the Financial Services Compensation Scheme (FSCS).
The IIB said said in a statemet: "Would any right-minded person have believed it possible (even in their wildest dreams) that an insurance broker could be levied to help pay for depositor or investor compensation, that has no connection with his business whatsoever, other than sharing a common regulator, in which he had no say or choice.
"What the Financial Services Authority (FSA) rightly described as “controversial and unpopular proposals” (now to be enforced from 1st April 2008) are now more
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