IIB angered by FSA broker stance
Financial Services Authority chairman Callum McCarthy has refused to alter rules that expose general brokers to unlimited individual FSCS claims arising from insurance mediation activities, according to the Institute of Insurance Brokers.
The IIB claims that under the rule, brokers will in effect be acting as names on an excess of loss underwriting syndicate, providing cover of up to £99.3m on any one claim in excess of the £700 000Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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