Daily Insurance Industry News
Daily Insurance Industry News
Thursday 22nd of March 2018
May 18, 2012

Brokers express concern about FSCS

by Richard Kilner

Story link: Brokers express concern about FSCS

Brokers express concern about FSCS

A new survey from the British Insurance Brokers Association (BIBA) has revealed that regulation is the number one concern for insurance brokers.

Three-quarters of those surveyed wanted reform of the Financial Services Compensation Scheme (FSCS) and nearly 90% wanted BIBA to convey the issue of proportionate regulation to the Government.

One in ten of those who found the cost of regulation to be an issue described it as having a ‘critical impact’, with the remaining 90% believing it had ‘some negative impact’.

Eric Galbraith, BIBA chief executive, expressed his delight that 95% of members were satisfied with the job the organisation was doing and stated his intent to try and improve satisfaction levels still further.

In June last year BIBA took a 7,000 signature-strong petition advocating FSCS reform to Parliament.


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