Biba has presented a nearly 7000 member signature petition to Parliament calling for the Treasury to accelerate work on its delayed review of the Financial Services Compensation Scheme.
The association has submitted the petition of its members to All Party Parliamentary Group on Insurance and Financial Services chair Jonathan Evans MP, who will formally present it to the chamber of the House of Commons tonight.
Evans has also agreed to apply for an adjournment debate on the subject in the House of Commons in an extra bid to up pressure on the government to reform what Bib has described as the FSCS’ “unfair” current funding model.
The FSA announced in November 2009 that a review of the FSCS would be carried out.
But this was delayed in November 2010 due to European and UK regulatory changes, which the regulator said could have consequences for the structure and funding of the FSCS.
Biba is demanding that the review should be completed by April 2012, in time to avoid further increases in levies for brokers next year.
Evans said: “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.”
Biba head of compliance and training Steve White said: “We are doing all that we can to apply political pressure to avoid any further delay to the consultation. Our petition is just one way that we are getting our members’ voices heard. We have also been working with MPs who are tabling questions in the House of Commons on the subject and if Jonathan achieves an adjournment debate it will really help to raise the temperature of the issue.”
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