Analysis

Industry welcomes FCA review of FSCS thresholds to mitigate ‘unintended unfairness’

By David Blackman 2023-02-06T10:27:00

review, document

In December 2022, the FCA outlined its planned review of the FSCS compensation funding model – trade body says this could prove to be ‘very positive’ for brokers

It is not often that the Financial Services Compensation Scheme (FSCS) is a source of cheer for insurance brokers.

Over the years, the level of the scheme’s levy has caused constant gripes from the sector. The scheme’s overall compensation costs have ballooned over the past decade from a typical figure of £200m to £300m per annum to £717m in 2021/22.

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