Biba puts forward 'ring-fenced' FSCS proposal
The British Insurance Broker's Association (Biba) has urged that brokers should be ‘ring-fenced' from other intermediaries as part of the Financial Services Compensation Scheme (FSCS) funding model.
Earlier this year, Biba vented its frustration at the Financial Services Authority's (FSA) proposal to increase the financial cap on brokers' FSCS sub-class by 50% to £300m.
In response, Biba has recommended an ‘alternative fairer structure' - produced on its behalf by consultants Oxera.
The trade body has called for a model which includes a separate sub-class for ‘pure' insurance brokers which also retains insurers in the cross subsidy part of the model in a bid to ensure greater responsibility
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