IIB threatens FSA with Judicial Review
The Institute of Insurance Brokers is threatening to take the Financial Services Authority to a Judi...
The Institute of Insurance Brokers is threatening to take the Financial Services Authority to a Judicial Review if it fails to reconsider its decision not to alter the rules regarding the Financial Services Compensation Scheme. In a letter to the IIB, FSA chairman Callum McCarthy has refused to alter rules that expose general brokers to unlimited individual FSCS claims arising from insurance mediation activities.
Andrew Paddick, director general of the IIB, said: "The rule amounts to treating
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