Insurance Brokers To Tackle Rising Compensation Levy

By Lucia Osborne-Crowley (November 12, 2021, 12:42 PM GMT) -- Insurance brokers have pushed back against a warning by the U.K.'s financial compensation fund that fees will rise in 2022, saying the sector pays too much to cover the failure of firms from other industries.

The British Insurance Brokers' Association has cautiously welcomed the announcement by the Financial Services Compensation Scheme that there will be no extra levy raised this year. But the association said that brokers are wary of an announcement that there could be a surge in the fees they pay in 2022.

The fund, which protects investors if companies crash, announced on Thursday that its annual levy for 2022...

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