"We don't accept any of them. For brokers and IFAs, the FSCS is an illogical and punitive financial imposition."

The IIB wants a product levy imposed on providers, which would ultimately be paid by consumers, although he states the burden to them would be "infinitesimal".

In a letter to the FSA, Paddick said: "Unlike the providers who factor these costs into pricing, for brokers, levies come straight off their bottom line. Product-based levies do not have to be complicated and should be applied to produce an equitable way of supporting FSCS funding."

Brokers are likely to take a £500,000 hit, according to FSCS estimates - small change compared to IFAs who face a £47.5m bill.

Chris Cummings, director general of the Association of Independent Financial Advisers, said brokers - like his members - should prepare to meet some costs.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.