Biba urges brokers to budget for £21m FSCS levy
The British Insurance Brokers' Association (Biba) has warned that there is "every likelihood" that an interim Financial Services Compensation Scheme (FSCS) levy will hit brokers in the coming months.
The broker trade body has admitted that a previously reported further £21m levy from the insurance intermediary sub-class is imminent.
And it has urged brokers to start budgeting now for the new levy which would be about 55% of brokers' previous 2012/13 FSCS regulatory bill.
In his most recent Biba member update, chief executive Eric Galbraith wrote: "With every likelihood that an interim FSCS level will hit brokers in the coming months, members should be budgeting for a potential level of up
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