Insurance Times keeps up the pressure on the FSA to reform regulatory fees
Insurance Times’s ‘Fair Fees: Brokers won’t pay for banks’ campaign moved up a gear this week following our investigation into how Payment Protection Insurance (PPI) mis-selling claims have fuelled increases in the FSCS levy for brokers.
The investigation uncovered how Neville Allport, the former chief executive of Picture Financial Services, the company linked to the greatest number of PPI mis-selling compensation claims in the broker market, is back in business as boss of Pure Options, a new company offering income protection insurance products.
Separately, we also report how brokers can expect a further increase in the Financial Services Compensation Scheme (FSCS) next year following the publication of new FSA rules on how firms should handle PPI complaints.
The campaign has been running for five weeks and already more than 300 brokers have pledged their support.
We are calling on the FSA to give brokers a fairer deal when it reviews its fees and levies.