PPI claims prompt £61m FSCS 2010/11 levy
by Gill Montia
Story link: PPI claims prompt £61m FSCS 2010/11 levy
The Financial Services Compensation Scheme (FSCS) has decided against applying an interim levy on insurance intermediaries in 2009/10, for the costs of payment protection insurance (PPI) claims. However, the body says these costs will be levied in 2010/11, adding that PPI claims are becoming a growing area of its work and will be one of [...]
FSA calls brokers to account over capital resources
by Gill Montia
Story link: FSA calls brokers to account over capital resources
The Financial Services Authority (FSA) has written to insurance intermediaries outlining concerns that “many firms” do not have adequate financial resources. The regulator says its supervisory work “regularly shows” that brokers are not paying sufficient attention to threats to their financial viability. For example, one firm failed to make adequate provision for its obligations to [...]
BIBA celebrates reduced FSA levies for intermediaries
by Gill Montia
Story link: BIBA celebrates reduced FSA levies for intermediaries
The British Insurance Brokers’ Association (BIBA) is celebrating a successful campaign over the levies payable to the Financial Services Authority (FSA) by insurance intermediaries. The regulator has today published a policy statement setting out its final decision on the level of regulatory fees and levies for the 2009/2010 financial year. The document reveals that a [...]
