The Association of British Insurers (ABI) has spoken out against a "blurring of responsibilities" following proposals product providers pay additional contributions to the Financial Services Compensation Scheme (FSCS).
On 14 December, the Financial Conduct Authority (FCA) published proposals that product providers pay additional contributions to the FSCS to ease the cost on advice firms. The regulator said it recognised the burden of funding the FSCS did not currently fall equally on product providers and advisers. ABI director of regulation Hugh Savill said: "We see no justification for the blurring of responsibilities in this way. We will be engaged fully in the consultation, with a focus on challenging the rationale behind this idea." And ABI head of conduct regulation James Bridge said he did no...
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