BIBA speaks out on proposed FSA fees and levies
The British Insurance Brokers’ Association (BIBA) is not happy about the proposals contained in the Financial Services Authority’s (FSA) consultation paper CP09/7, which contains regulatory fee and levy rate proposals for 2009/10.
BIBA’s chief executive, Eric Galbraith, acknowledges that the FSA has an ever-growing workload and that the fees for 10,000 small firms have been frozen.
However, he is alarmed at changes that could mean medium-sized and larger insurance intermediaries face a year-on-year increase of between 30% and 70%.
According to Mr Galbraith: “Insurance intermediaries are recognised as one of the very lowest risk groups to the regulator’s statutory objectives and yet are facing huge percentage year-on-year increases for the levies they pay to both the Financial Ombudsman Service and the Financial Services Compensation Scheme.”
The BIBA head is also fearful that the burden of regulatory fees will put UK firms at a significant competitive disadvantage to their peers in Europe and wants to see the proposed increases explained in greater detail.
The consultation period ends on 9th March for some comments and on 6th April for others; the FSA paper clearly indicates which deadline applies to which proposals.
Category: BIBA News, Financial Services Authority News, Insurance News
Visited 2227 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.