The 25% contribution providers will now have to pay towards advisers' Financial Services Compensation Scheme (FSCS) bill "does not reflect the realities of adviser failure," according to the ABI.
This morning the Financial Conduct Authority (FCA) confirmed providers would be required to contribute 25% of life and pensions and investment intermediaries' FSCS levies. The Association of British Insurers (ABI) expressed disappoinment with the decision to proceed with its proposal to levy providers alongside advisers, with director of regulation Hugh Savill saying: "It does not reflect the realities of adviser failure and does not ensure those responsible are the ones who pay. "The FCA needs...
Group life, critical illness and income protection business bought from Munich Re
Virtual GP service available to employees and families
As the NHS shows signs of embracing the virtual GP concept, will the burgeoning employer-provided market face a slowdown? Asks Suzanne Clarkson
Rising cost of living and poor savings putting extra pressure on households