Biba petition calls for FSCS review to be accelerated

MP Jonathan Evans has presented the British Insurance Brokers’ Association’s petition to the House of Commons calling for the FSA’s review of the Financial Services Compensation Scheme’s funding model to be accelerated.

In the petition, which has 7,000 signatures, Biba is dem-anding that the review is completed by April 2012 to avoid further increases in levies for brokers next year.

Cardiff North MP Evans, who is chair of the all-party Parliamentary group on insurance and financial services, has also agreed to apply for an adjournment debate on the subject in the Commons.

Biba chief executive Eric Galbraith says: “We are overwhel-med with the response to our petition, it adds weight to our campaign and sends a really strong message from brokers.”

Evans says: “The FSCS is clearly in need of reform.”