Reportage - FSCS redress: Speak now...
Colin Darnell gives practical advice on how brokers can act to mitigate the significantly increased FSCS levy as well as potentially help shape future funding arrangements.
The Financial Services Compensation Scheme (FSCS) is the single compensation scheme created under the Financial Services and Markets Act 2000. Brokers have been, quite rightly, stunned by the dramatic increase in the 2010/11 FSCS fees levy that they have to pay towards this scheme. Rather than pouring more fuel on the already fiery debate, there are a number of practical and undemanding actions that may mitigate future fees for brokers and possibly secure a credit on the current levy.
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