Biba unveils new 5.2% regulation costs metric
The British Insurance Brokers’ Association has revealed for the first time the impact of regulation costs on insurance premiums paid by clients, setting the proportion at 5.2%.
Direct costsBrokers
Fees by the FCAFOS levySFGB Money Advice Levy (MaPS)Illegal Money Lending LevyOther fees and levies reported by insurance brokers (Economic Crime Levy, ICO fee, etc).Insurers
Fees levied by FCAFOS levyFSCS levyFinancial Guidance Levy (FGL)Prudential Regulation Authority (PRA) feesIllegal Money Lending (IML) levyFinancial Reporting Council (FRC) feesEconomic Crime levyIndirect costsBrokers
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