News analysis - FSCS: Outrage as FSCS bills rise
Brokers have been hit by a dramatic rise in bills from the Financial Services Compensation Scheme, which has a sparked a huge controversy as brokers feel they are paying for the misdemeanours of others, writes Andrew Tjaardstra
For the financial year 2010-11, the FSCS imposed a levy of £61.4m on general insurance, intermediation, an increase of 722% over 2009-10. While it was expected that there would be a large increase, few brokers budgeted for this level and there has been an outpouring of anger from them.
Since 2005, there has been a whole host of failures by companies selling payment protection insurance such as Picture Finance and Diamond Lifestyle, which are included within the 13,500 firms under the same
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