Financial Services Compensation Scheme (FSCS)
FCA updates on Premier Insurance Company administration
The joint administrators of Premier Insurance Company Limited plan to end policies on 1 December 2025, meaning customers must arrange alternative valid insurance cover for their vehicles, the Financial Conduct Authority has confirmed.
Broker pot FSCS compensation ticks up to over £700,000
Claims against the general insurance distribution class, in which brokers sit, resulted in the Financial Services Compensation Scheme paying out £722,000 in the year ended 31 March 2025.
FSCS confirms no broker levy for 2025/26
The Financial Services Compensation Scheme has confirmed there will be no 2025/26 levy for the general insurance distribution class in which brokers sit.
Martyn Beauchamp named FSCS CEO
Martyn Beauchamp has been appointed CEO of the Financial Services Compensation Scheme, having held the role on an interim basis since October 2023.
FSCS opens to claims after Scottish broker stopped from trading by FCA
The Financial Services Compensation Scheme has opened for claims from customers of Arthur Temlett, who traded as Abacus Insurance Consultants and was forced to stop carrying out any regulated activities by the Financial Conduct Authority at the start of…
FSCS gives first insight on increasing levy to £394m
The Financial Services Compensation Scheme has indicated its levy for 2025/26 will rise to £394m from £265m this financial year as it cited having lower surpluses to carry forward and offset bills – a factor that has benefited brokers for two years in a…
Elizabeth Passey appointed FSCS chair
Elizabeth Passey has been appointed chair of the Financial Services Compensation Scheme, taking up the role today succeeding Marshall Bailey.
London-based wholesale broker Lonsdale goes into liquidation
Independent Lloyd’s wholesaler Lonsdale Insurance Brokers went into liquidation on 24 July 2024, after sale talks did not lead anywhere and the directors decided to cease trading in June.
FSCS broker compensation costs fall to £600,000
The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior.
FSCS confirms zero levy for brokers in 2024/25
The Financial Services Compensation Scheme has confirmed the brokers will not have to pay a levy this financial year.
FCA set to raise broker levy by 9.8%
The Financial Conduct Authority is set to hit brokers with an inflation busting 9.8% hike in fees for the general insurance mediation pot in 2024/25.
FSCS details £23m MCE Insurance Company recovery from £90m hit
The Financial Services Compensation Scheme has secured £23m from the estate of Gibraltar-based Green Realisations 123, formerly known as MCE Insurance Company, after paying out approximately £90m in compensation to the firm’s customers.
FSCS open for claims against failed broker
The FSCS has listed FML Insurance Services Limited, trading as Entertainment Insurance Services, as a failed company.
FSCS keeps broker levy at zero for 2023/24 and projects same into 2024/25
The Financial Services Compensation Scheme has maintained plans to keep general insurance brokers’ contribution to zero this year, and forecast that this will remain the case in the 2024/25 financial year.
FSCS adds Martyn Beauchamp as interim CEO
The Financial Services Compensation Scheme has appointed Martyn Beauchamp as interim CEO. Beauchamp will join the board as an executive director.
FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
FSCS CEO Caroline Rainbird departs
Caroline Rainbird has left the Financial Services Compensation Scheme after four years as CEO.
FSCS slashes broker 2023/24 levy to zero
The Financial Services Compensation Scheme has dropped plans to charge general insurance brokers £5.3m in 2023/24 as it cut the contribution to nil.
Interview: Biba CEO Steve White - Leading from the front
To coincide with the 10th anniversary of his appointment as CEO of the British Insurance Brokers’ Association, Insurance Age takes Steve White on a trip down memory lane.
FOS to maintain levy at £106m despite forecast increase in cases
The Financial Ombudsman Service has frozen its levy for the 2023/24 financial year at £106m stating that due to the current economic climate and the pressures that businesses are under there will be no increase for inflation.
Graeme Trudgill ‘delighted’ to see FCA review funding of the FSCS
The British Insurance Brokers’ Association’s executive director, Graeme Trudgill has responded to the Financial Conduct Authority’s review of the funding of the Financial Services Compensation Scheme.