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Categories:Regulation

BIBA presents 7,000 strong petition for review of FSCS

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The British Insurance Brokers’ Association has presented its FSCS petition of nearly 7000 member signatures to Jonathan Evans MP at the House of Commons.

Evans, chair of the All Party Parliamentary Group on Insurance and Financial Services, will present BIBA’s petition to the chamber of the House of Commons tonight.

The petition calls for the House of Commons to urge HM Treasury to accelerate the FSA’s review of the FSCS consultation with immediate effect.

BIBA is demanding for the FSCS review to be completed by April 2012, in time to avoid further increases in levies for brokers next year.  

Evans has also agreed to apply for an adjournment debate on the subject within the House of Commons as an additional call for action on the unfairness of the current funding model.
 
BIBA chief executive Eric Galbraith says: “We are overwhelmed with the response to our petition, it adds weight to our campaign and sends a really strong message from brokers on how big an issue the FSCS is. With this year’s increasing levies landing on brokers’ desks shortly, it drives home the importance of achieving separation for brokers in the FSCS funding model, and once Jonathan presents the petition it will provide another official call to Government to take action.”
 
Galbraith concludes: “We totally agree with the principle of compensation but the current structure of the FSCS is fundamentally flawed.”

Evans says: “The FSCS is clearly in need of reform. The number of signatures on this petition shows the depth of concern among brokers, who are already making significant contributions. The FSCS should do more to recognise this and if liability exists in the system then we need to direct the cost to where it is created.”

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