Biba hits out at FSCS levy rise
The British Insurance Brokers’ Association (Biba) has hit out at this year's over 50% increase in the Financial Services Compensation Scheme (FSCS) levy.
Eric Galbraith, chief executive of Biba, said: "Brokers will yet again be unfairly penalised because the FSCS implementation of the rules means that our members pay for failures of credit brokers who have sold this product.
"This is ridiculous and Biba is doing everything that we can to demand a fairer compensation system. We have also called on the FSCS to ensure they pursue recoveries against the relevant insurer, where it can be proven that the credit broker was acting as the insurer's agent
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