The Association of Medical Insurance Intermediaries (AMII) has condemned the proposed 57 per cent increase in this year’s Financial Services Compensation Scheme (FSCS) levy on its members as unfair, excessive and totally inappropriate.
AMII believes the FSA should review and address the funding of the FSCS immediately and not leave it for another year as has been suggested because the financial damage to smaller intermediaries could have a serious impact on growth and jobs.
Andrew Tripp, chairman of AMII says: “This increase is on top of a massive eight-fold increase last year and is mainly a result of compensation payments for PPI misselling. As almost all AMII members never sold any of these policies, it is unfair that they are footing the bill on an equal basis.
“This huge increase has come out of the blue totally and will have a serious impact on many intermediaries.”