Chris Davies explores the clear and present danger of regulators' blanket approach to levy calculations. Here he discusses how RegTech could cut bills for the good guys...
It's not going away any time soon is it? With IFAs reporting a 76% hike in professional indemnity insurance (PII) premiums the hardened regulatory levies are really biting and squeezing firm margins at a time of economic uncertainty given the on-going pandemic. At Model Office-MO we continue to press that regulatory levy stakeholders such as the Financial Services Compensation Scheme (FSCS) Financial Ombudsman (FOS) and PII insurers need to take firm's soft data i.e. their competence, conduct and culture into account when assessing firm's risk and potential consumer harm. Unfortunate...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
