Biba expresses concerns towards Northern Rock crisis
The British Insurance Brokers’ Association has expressed concern that its members may be forced to help compensate the customers of Northern Rock, were the bank allowed to default, under new funding arrangements for the Financial Services Compensation Scheme.
The funding changes become effective from 1 April 2008.
Last week, the Financial Services Authority confirmed future funding arrangements for the FSCS which expanded the overall capacity of the scheme
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