Biba "very concerned" about proposed FSCS cap rise
The British Insurance Brokers' Association (Biba) has raised concerns about the proposal to increase the financial cap on brokers' sub-class in the Financial Services Compensation Scheme (FSCS) by 50% to £300m.
The Financial Services Authority (FSA) has put forward the change as part of its consultation on reforming the FSCS system.
But speaking about the proposal, Steve White, Biba's head of compliance, said: "We are very concerned that the financial cap on our sub-class is being raised by 50% to £300m.
"Our consultants will be closely studying the accompanying economic study of affordability, prepared by Deloitte and we will then respond accordingly."
And Biba also said it was concerned about the
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