FSCS levy hike reignites call for separate broker pot
Expected broker levy rose to £23m for 2020/21 after spike in PPI complaints.
Brokers have reiterated the call to be put in a separate Financial Services Compensation Scheme (FSCS) pot after the indicative levy for intermediaries nearly doubled for 2020/21.
Last week, FSCS stated that the indicative levy for brokers for the next financial year was £23m, up from £12m in 2019/20.
The reason for the increase was a spike in claims relating to the mis-selling of PPI ahead of the complaints deadline in August 2019.
The British Insurance Brokers’ Association (Biba) has
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