Biba steps up FSCS fight

Biba has launched a member petition to be tabled in the House of Commons on the Financial Services Compensation Scheme (FSCS).

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.

A hard copy of the petition has been sent to all Biba members.

Last week, the FSCS published its final levy for the upcoming year. Brokers will fork out £69.5m in 2011/12 - significantly lower than the £93.5m estimated in the scheme’s draft budget back in February.

In his letter to members, Biba’s Steve White said that the broker trade body has been working with the All Party Parliamentary Group on Insurance and Financial Services to highlight the unfairness of the FSCS.

The chairman of the group, Jonathan Evans MP, has agreed to table a petition in the House of Commons on Biba’s behalf. Click here to download Biba's petition.

Biba signalled that this will add weight to its other lobbying efforts on the FSCS and will send a strong message to Parliament about the urgent need for a review of the FSCS funding model.

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.

In July last year, Insurance Times launched its Fair Fees campaign calling for the FSA to give brokers a fair deal by carrying out a fundamental review of fees and levies. Click here to sign our online petition.