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Daily Insurance Industry News
Saturday 21st of July 2018
June 13, 2011

BIBA presents FSCS funding review petition

by Gill Montia

Story link: BIBA presents FSCS funding review petition

BIBA presents FSCS funding review petition

The British Insurance Brokers’ Association (BIBA) has presented a 7,000 signature-strong petition to Parliament regarding the funding of the Financial Services Compensation Scheme (FSCS).

BIBA argues that the increase in FSCS levies on insurance brokers during the last three years has been caused by the failures of credit brokers, who have mis-sold payment protection insurance.

The Association is therefore demanding that professional insurance brokers are separated out from secondary sellers, as far as the FSCS funding model is concerned, and the petition calls for the acceleration of the Financial Services Authority’s review of the FSCS consultation, with immediate effect.

Jonathan Evans MP, chair of the All Party Parliamentary Group on Insurance and Financial Services, is supporting the petition and has agreed to apply for an adjournment debate on the matter.

BIBA chief executive, Eric Galbraith, comments: “We are overwhelmed with the response to our petition, it adds weight to our campaign and sends a really strong message from brokers on how big an issue the FSCS is.”

He adds: “With this year’s increasing levies landing on brokers’ desks shortly, it drives home the importance of achieving separation for brokers in the FSCS funding model, and once Jonathan presents the petition it will provide another official call to Government to take action.”

 

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