IIB calls for FSCS review after 900% levy increase
The Institute of Insurance Brokers (IIB) has presented research to the All Party Parliamentary Group on Insurance and Financial Services (APPGIFS) showing that brokers with an income of £500,000, £1m or £5m have seen their Financial Services Compensation Scheme (FSCS) fees increase by over 900% in three years.
Barbara Bradshaw, chief executive of the IIB, stated the trade body did not disagree with the existence of the compensation scheme but had "massive" concerns about how the funding was achieved and called for an urgent review.
"We represent 1000 brokers at the IIB and over the last few years they have seen a 900% increase in their [FSCS] levy and that is at a time of economic downturn. This has been due in the main to the mis selling of payment protection insurance (PPI) which very, very few
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