A consistent message from brokers to the government will force a FSCS reform, says Galbraith
Biba has outlined plans for its members to carry out a mass lobby of MPs to reform the Financial Services Compensation Scheme levy.
In a letter to the association’s membership, Biba chief executive Eric Galbraith outlines a twin-track approach to lobbying the government over the FSCS. Insurance Times’ Fair Fees campaign is seeking reform of the FSCS levy structure.
Alongside Biba’s central lobbying of the government and the FSA, he says it will be important for member brokers to put pressure on their elected representatives at the local level.
To help members to do this, Biba is assembling information on every MP.
Galbraith writes: “If we are unhappy with the consultation proposals, we can write to every member outlining the position for brokers and the action we need from the consultation paper.
“We will arm you with our messages so that as a profession we have a consistent voice, which is more likely to be heard.”
He adds: “If even half of our members write to their local MP with a message consistent to ours then the impact will be significant.
“We will be able to build important allies who will lobby the government from within.”
According to Fleishman Hillard, the association’s retained lobbyists, the involvement of individual brokers will be key to ensuring that the government hears the industry’s message.
It has also emerged this week that the impact of the FSCS levy hikes will be at the top of the agenda when Willis chief executive Brendan McManus meets the company’s broker network members at events later this year.
Managing director of Willis Networks, Phil Scarrett, said: “The Insurance Times’ Fair Fees campaign strikes a chord with our network members.
“Many have expressed concern about what they see as unfair increases in their FSCS levies.”
McManus will relay his network members’ concerns to Biba, on the board of which he sits.
The events are scheduled to take place in London in October and in the north of England in November.