The Financial Services Compensation Scheme (FSCS) has recovered just under £300m over the past five years from failed financial services firms.
According to the regulatory body these sums reduced FSCS levies on the industry.
However, in 2019 brokers actually saw FSCS rise with a predicted increase of £16m, prompting a warning from the British Insurance Brokers Association.
The FSCS stated that it strives to reduce the costs of compensation for its levy payers, and seeks to recover amounts
The Insurance Age team unpick the most recent and most popular stories.Subscribe to our daily newsletter for all the latest news
- One Call’s Radford launches motor broker
- Saga considering sale of Bennetts for second time, say reports
- Markel not going into broking following Caunce O'Hara deal
- Granite to create 300 new jobs
- Saga profits plummet in all operating areas
- Ecclesiastical's John Blundell to retire in 2020
- Ten takes small profit hit due to software house move