General insurers see FSA fees almost double
The Financial Services Authority (FSA) has announced its proposed annual funding requirement for 2010/11.
The regulator says the new budget needs to reflect its “determination to continue delivering intensive supervision and the substantial international regulatory reform agenda”.
Consequently a 9.9% rise in overall funding is required, taking the annual requirement for 2010/11 to £454.7 million, up from £413.8 million a year earlier.
The FSA has reassured that the introduction of a “fairer and more transparent fee structure” means 60% of firms will actually pay less while those firms whose size and impact require the most regulation will pay more.
However, the Association of British Insurers points out that general insurers will have seen their fees rise by almost double in the last three years.
The Association’s director of financial regulation, Peter Vipond, complains: “It is difficult to see the justification of the FSA for these increases as insurers and insurance regulation has passed the test of the current crisis, with no UK insurer failing or needing Government funds.”
Category: ABI News, Financial Services Authority News, Insurance News
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