The FSA has released a consultation paper on the funding arrangements for insurance brokers of both the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).
The proposals include the creation of a separate funding block for insurance broking for both the FOS and the FSCS.
The FSA is proposing that contributions to both the FOS and the FSCS be based on either a broker's total income, or its income earned from relevant business.
Levies to the FOS are paid on an annual basis, and the FSA said that it was likely that the minimum levy for brokers would be lower than the £75 minimum for IFAs, as there were a greater number of broking firms.
Contributions for the FSCS are made on a pay-as-you-go basis, which means that if no claims are made from a contribution group during the year, no contribution is required.
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