Brokers Call For Fair Funding Of Financial Lifeboat

By Joel Poultney (May 11, 2022, 4:34 PM BST) -- The current funding model for compensation paid out to victims of failing financial services companies lacks fairness, the head of the brokers' trade body said on Wednesday.

Steve White, chief executive of the British Insurance Brokers' Association, said it was unfair that well-run firms pick up the tab for financial services companies unable to pay what they owe to customers under the Financial Services Compensation Scheme. The safety net for people who have lost money after investing in regulated products is funded through fees charged to finance companies by the Financial Conduct Authority.

White has added his voice to growing calls from...

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