14th December 2022
BIBA’s 2022 Manifesto has a section entirely dedicated to our calls to reform the funding of the Financial Services Compensation Scheme (FSCS) because the burden of funding currently falls disproportionately high on the low-risk insurance intermediary sector. We are entirely in support of the FSCS but it must be funded fairly with the highest burden on ‘polluting sectors’.
We are delighted to see a reflection of this sentiment in the comments made by Sheldon Mills and we will of course work closely with our members and the FCA in the next stage of the review with a view to achieving a fair outcome for our members.
View the FCA announcement on the next steps on improving the compensation framework