Brokers face £20m hike in FSCS levy
The Financial Services Compensation Scheme (FSCS) has indicated that it will demand a further levy of £21m from the insurance intermediary sub-class in the first quarter of 2013.
The FSCS had initially estimated that it would require £57m from the intermediary sub-class for 2012/2013.
Eric Galbraith, chief executive of the British Insurance Brokers’ Association (Biba), said the increased levy was a “kick in the teeth” for firms that had not been involved in selling payment protection insurance.
He commented: “"We recently submitted a detailed economic report to the Financial Services Authority, prepared by Oxera, which makes a strong argument for separating the
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