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Financial Services Compensation Scheme

Volume 529: debated on Monday 13 June 2011

I beg leave to present to the House a petition signed by Mr Peter Williams, Mr Paul Wiggins and Mr Jason Evans, all of whom are constituents of mine, together with some 6,761 other signatories from throughout the United Kingdom, gathered by the British Insurance Brokers’ Association. They are concerned at the impact of the decision of the Financial Services Authority indefinitely to delay its planned review of the Financial Services Compensation Scheme. The petition states:

The Petition of members of the British Insurance Brokers’ Association (BIBA),

Declares that the petitioners believe that the Financial Services Authority (FSA) should urgently accelerate its consultation on the fundamental review of the Financial Services Compensation Scheme (FSCS), to ensure that new rules are in place for April 2012 so that general insurance brokers do not see further disproportionate levy increases; and further declares that the 3,500 full time ‘insurance brokers’ should have separation from the other ‘secondary sellers’ in the insurance intermediary sub-class.

The Petitioners therefore request that the House of Commons urges HM Treasury to accelerate the FSA’s review of the FSCS consultation with immediate effect.

And the Petitioners remain, etc.

[P000927]