FSCS GI levy rises but not as much as feared
The Financial Services Compensation Scheme (FSCS) has set the 2011/12 levy on general insurance (GI) intermediaries at £69.5m.
Last year the levy for GI brokers rose to £61.4m and the FSCS said the increase was mainly to cover the costs of payment protection insurance (PPI ) claims.
This year the levy has dropped from the £93.5m announced in the Plan and Budget 2011/12 in February and the FSCS said that, although it expected volumes of PPI claims to continue increasing, it did not anticipate that increase to be as steep as it initially believed. The FSCS has therefore revised its claims assumptions downwards from the 20
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