Financial Services Compensation Scheme Funding Review
For IFAs and Insurance Brokers the FSCS is a totally illogical and punitive financial imposition, because they cannot pass on the cost of levies to the point of sale – unlike the product providers who factor these costs into product/premium pricing. For IFAs and Insurance Brokers FSCS levies come straight off the ‘bottom line’, diminishing the incomes they need to support their families.
The current thinking is perverse because it is based upon the notion that (for example) if an IFA has a large number of low-cost endowment mortgage shortfall claims he cannot pay, then it is the
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