Biba welcomes FSCS fee cut
The British Insurance Brokers' Association has welcomed the Financial Services Compensation Scheme's decision to lower the broker levy from £68m to £5m for 2022/23.
David Sparkes, head of compliance and training at Biba told Insurance Age: “With everything else seeming to be going up at the moment, it is pleasing to see that what the FSCS will require from our members this year is bucking the trend.
“We also welcome the FSCS acknowledging in its publication ‘The Balancing Act of Compensation’ the Biba 2022 Manifesto concerns around how the retail pool affects firms not connected to the ‘polluting’ sector.
“A drop from £68m to £5m just goes to show the
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