Graeme Trudgill ‘delighted’ to see FCA review funding of the FSCS

Graeme Trudgill, executive director, Biba

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.

The FCA has revealed today the next steps it will take on improving the compensation framework.

The review was launched following concerns about the increasing cost of liabilities falling to the FSCS. The watchdog has aimed to make sure the compensation framework continues to provide an appropriate level of consumer protection.

Trudgill has responded to the FCA’s review stressing that the FSCS must be funded fairly.

He said: “BIBA’s 2022 Manifesto has a section entirely dedicated to our calls

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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 row.

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