BIBA demands Treasury accelerates FSCS funding review

clock • 1 min read

The British Insurance Brokers' Association (BIBA) has launched a member petition to be tabled in the House of Commons on the way the FSCS is funded.

It calls for the House of Commons to urge HM Treasury to accelerate the FSA's review of the FSCS.

The FSA was due to publish a consultation paper on reforming the FSCS funding model in November, but said it was delaying the review to wait for the new regulatory structure to be finalised.

It says it will now consult on reforms in Q3 or Q4 this year.

In his letter to members, BIBA's Steve White said the organisation has been working with the All Party Parliamentary Group on Insurance and Financial Services to highlight the unfairness of the way the FSCS is funded.

The chairman of the group, Jonathan Evans MP, agreed to table a petition in the House of Commons on BIBA's behalf.

BIBA has also called for members to encourage their constituent MPs to support the Early Day Motion which has been tabled in Parliament on this issue.

Brokers wishing to sign the petition should print hard copies from its website, sign it, and return it to BIBA's office.

More on Regulation

Most firms unable to meet bereavement claims performance levels: FCA

Most firms unable to meet bereavement claims performance levels: FCA

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
Record-high receipts for IPT and employer NICs

Record-high receipts for IPT and employer NICs

HMRC data

Cameron Roberts
clock 21 November 2024 • 2 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 15 November 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read