News analysis: FCA consultation continues as FSCS hits brokers with levy hike


Industry reels as regulator weighs up options for funding compensation scheme

The Financial Services Compensation Schemes’ (FSCS) plan for brokers to absorb a 62.5% levy increase has triggered criticism by the industry.

In its plan and budget for 2017/18, the FSCS said the levy for general insurance intermediation would increase from £8m last year to £13m. This would fund an expected overall increase in payment protection insurance (PPI) claims.

Funding options

The move comes after the Financial Conduct Authority (FCA) opened a consultation in December into how best to

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FCA trims broker fees hike to 9.3%

The Financial Conduct Authority has confirmed it is raising the financial contribution of the general insurance mediation fee block by 9.3% for 2024/25, down from its initial projection of a 9.8% increase.

Broking Success: Right opportunity

Matthew Collins, founder and managing director of Ascend Broking, targets growing from £14m to £50m gross written premiums in five years as the firm positions itself as a viable alternative to larger brokers.

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