Friday, February 8, 2013

Brokers face new £ 21 m FSCS levy

February 6, 2013 |By Newsdesk

Extra account to pay for PPI complaint walk

Brokers are set to still more financial services compensation scheme (FSCS) to pay costs next month after a mooted £ 21 m interim levy was almost certain.

Companies get one month to the extra pay, understand Insurance Times. The extra amount will be used to pay for an increase in payment protection insurance (PPI) mis-selling complaints handled by the FSCS.

The new tax will be about 55% of the FSCS element of brokers 2012-13 regulatory bill.

The extra cost was hinted at last year, and brings the total cost of the FSCS to insurance agents this year to £ 57 m.

Biba head of compliance and training Steve White said: "after the discussions we have had with the FSCS, we understand that there is a 99% certainty that this interim charge.

"This will once more peoples thoughts focus on how unfair the financing model of the compensation scheme is, and adds weight to our question to change."

A spokesman for FSCS would not comment on the new charge.

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Title Post: Brokers face new £ 21 m FSCS levy
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Author: Mohammad Zulfi Satriawan

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