Broker Network’s Ellis to lead small broker fight against FSCS

Broker Network chairman Grant Ellis has called on small intermediaries to join his new campaign against mounting regulatory burdens.

In his first interview since becoming chairman of the Towergate-owned network, Ellis told Insurance Times that he wanted to organise a mass letter-writing protest by small brokers against the recent payment hikes by the Financial Services Compensation Scheme (FSCS).

He also said he wanted to lobby the European parliament over the European Commission’s proposed revision of the Insurance Mediation Directive, which threatens to introduce mandatory commissions.

Ellis, who revealed that he pocketed £12.25m from the sale of Broker Network to Towergate, said: “I want to see if we can get a groundswell of anger. I would like the worm to turn and I am prepared to be the one that starts to poke it.”

He said that Biba had recently enjoyed success narrowing the scope of the insurance premium tax. But the trade body could not represent the interests of smaller members vociferously enough.

“Even within Biba, you have international and smaller brokers. We need somebody to champion the cause of the smaller broker exclusively. I’m not sure that Biba can do that,” he added.