Brokers challenge FCA over proposed fee hike amid Covid-19 pandemic
Insurance Age found that brokers are disappointed by the timing of the 3% rise, as well as anticipating an impact on the bottom line.
Brokers have reacted with disappointment to the Financial Conduct Authority’s (FCA) fee hike, Insurance Age has found.
The regulator revealed yesterday (7 April) that it is seeking to raise £29.9m from general insurance mediation firms in 2020/21, a rise of 3% over the previous financial year.
The FCA is also proposing to increase authorisation application fees from £1,500 to £2,500 for general insurance distribution firms.
An open consultation on the proposals is running until 19 May 2020.
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