Eightfold increase angers brokers

Brokers are reacting angrily at being forced to pay for a massive hike in the Financial Services Compensation Scheme portion of the FSA’s annual fees and levy demands.

Brokers of all sizes have been hit with an increase of up to eight times for the FSCS charge, on top of fees paid to the FSA and FOS.

One example seen by Insurance Times shows a broker’s FSCS contribution jumping from £575.38 in 2009 to £4156.33 in 2010. Brokers with a commission income of around £6m reported increases in excess of £30,000.

Read the full story in this week's issue of Insurance Times, out Thursday, or click here to read it first online.

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