Financial Compensation Scheme (FSCS)
Brokers face £20m hike in FSCS levy
The Financial Services Compensation Scheme (FSCS) has indicated that it will demand a further levy of £21m from the insurance intermediary sub-class in the first quarter of 2013.
Biba urges government to re-think regulatory approach
The British Insurance Brokers’ Association (Biba) has called on the government to address regulation issues and to provide more support for the general insurance broking sector in the upcoming Autumn Statement.
Time to fight the FSCS good fight for brokers
Much hullaballoo has surrounded the FSA's proposed FSCS reforms, aka another broker stitch up.
Biba puts forward 'ring-fenced' FSCS proposal
The British Insurance Broker's Association (Biba) has urged that brokers should be ‘ring-fenced' from other intermediaries as part of the Financial Services Compensation Scheme (FSCS) funding model.
Galbraith: Biba can help point gun at regulation problem areas
Eric Galbraith, chief executive of the British Insurance Brokers’ Association (Biba), has responded to Martin Wheatley’s assertion that the incoming Financial Conduct Authority (FCA) will take a more pre-emptive approach to customer fairness.
Compensating for compensation
Proposed changes to the way the FSCS is funded are causing concern, says Steve White
Brokers saving the UK economy
There is nothing nice about brokers being hit for payment protection insurance mis-selling refunds.
First time tragedy, second time farce
Time to assume the position brokers. That’s right the one where you hold a pen over the cheque book and write out a big number for the Financial Services Compensation Scheme.
FSA reveals £404m payout for Independent claims
The Financial Services Authority (FSA) has revealed that since Independent Insurance went into liquidation in 2001, £500m of assets have been realised for the benefit of the creditors.
Biba "very concerned" about proposed FSCS cap rise
The British Insurance Brokers' Association (Biba) has raised concerns about the proposal to increase the financial cap on brokers' sub-class in the Financial Services Compensation Scheme (FSCS) by 50% to £300m.
FSA consults on new funding model review for the FSCS
The Financial Services Authority (FSA) has proposed changes to the funding of the Financial Services Compensation Scheme (FSCS) which it claimed could reduce the likelihood of interim levies and offer firms more certainty in the level of fees they pay.
FSCS reduced payouts by £188m in 2011/12
The Financial Services Compensation Scheme (FSCS) paid out £347m in compensation in the year 2011/2012.
Biba 2012: Biba calls in Deloitte to conduct strategic review
The British Insurance Brokers' Association (Biba) has appointed Deloitte to undertake a strategic review of the organisation as it looks to position itself for the next five years.
Biba urges Chancellor not to raise IPT in the Budget
The British Insurance Brokers’ Association (Biba) has called on the Chancellor not to raise Insurance Premium Tax (IPT) above its current level of 6% in the upcoming Budget on 21 March.
PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
So long, brave new dawn
The FSA is looking for nearly £580m in fees from the industry in its final year of existence, a 15% increase on the previous year.
Insurance to pay majority of £221m FSCS levy
The Financial Services Compensation Scheme (FSCS) has estimated the levy on financial services firms for 2012/13 will be £221m, up from £217m in April 2011.
FSCS spent nearly £400m on management expenses last year
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
FSA goes for former Zurich chief as new FSCS chairman
The Financial Services Authority (FSA) has appointed a new chairman of the board of the Financial Services Compensation Scheme (FSCS).
Biba wants more recognition of brokers' value
The British Insurance Brokers’ Association (Biba) has said that there must be more recognition of the contribution brokers make to the UK economy.
FSCS makes senior board appointment
The Financial Services Authority (FSA) has appointed Paul Stockton as non-executive director to the board of the Financial Services Compensation Scheme (FSCS).
Brokers demand big changes in FSCS review
Trade body prepares to lobby FSA to get brokers a better deal in review of compensation scheme
Video: What the Papers Say
Joining Insurance Age editor, Martin Friel, for this month's round-up is Dan Tunna, external communications at Allianz, and Emmanuel Kenning, features editor at Insurance Age.
Wilmslow PPI claims to be accepted by FSCS
Wilmslow Financial Services, a broker specialising in payment protection insurance (PPI), has officially been declared in default.