Financial Compensation Scheme (FSCS)
FSCS broker compensation costs fall to £600,000
The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior.
Graeme Trudgill ‘delighted’ to see FCA review funding of the FSCS
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.
FCA reveals next steps for improving the compensation framework
The Financial Conduct Authority has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme, following concerns about increasing costs.
FSCS broker pot pays out £7m compensation in 2021/22 after levies of £13m
The Financial Services Compensation Scheme has revealed that the broker levy pot paid out £7m in compensation in 2021/22, less than half the £15m total in 2020/21.
Biba focuses on ‘managing risk’ as manifesto theme
The trade body launched its manifesto and revealed UK brokers arrange £74bn of insurance per year.
FSCS begins payments after East West failure
A mystery third party has also offered to make a material financial contribution to the company.
FSCS levy hike reignites call for separate broker pot
Expected broker levy rose to £23m for 2020/21 after spike in PPI complaints.
Alpha, Enterprise and Gable failures set FSCS back £276m
Organisation also expects brokers to carry out the due diligence on replacement carriers.
FSCS boss Mark Neale to step down in 2019
CEO to leave next May after nine years with the organisation.
Close Brothers praises brokers as it deals with nearly 17,000 Alpha cases
Premium finance firm says working in partnership has delivered better outcomes for customers.
Biba repeats call for separate FSCS levy pot for brokers
The ABI has also responded to the FCA's consultation on the levy, arguing that insurers should not have to pay for "adviser failures".
News analysis: FCA consultation continues as FSCS hits brokers with levy hike
Industry reels as regulator weighs up options for funding compensation scheme
FSCS broker levy increases to £13m for 2017/18
Insurers to pay £63m supplementary levy following the failures of Gable and Enterprise.
FSCS pays £26m to Enterprise customers
The body revealed payments had been made through brokers and directly following the liquidator cancelling Enterprise policies.
Enstar appointed as run-off manager for Gable
Liquidator Batliner Wanger Batliner confirms move was effective from 16 December.
Broking break - Your top five
The FSCS, MGAM, Zurich and SME business all made the most read list for this week.
ABI slams new proposals for FSCS funding
Trade body said it was concerned that insurers could bear additional costs.
Brokers could face 63% hike in FSCS levy under new proposals
Regulator sets out three options for changing the FSCS funding classes.
Higher FSCS levy for brokers using unrated insurers – FCA investigation
Question raised in regulator’s consultation on FSCS rules and funding.
FCA consults on FSCS rules and funding
Consultation to close in March 2017 with proposals and further consultation to be published the following autumn.
Brokers welcome FCA review on FSCS funding
FCA chief Andrew Bailey has confirmed the regulator is examining how fees can be made more affordable.