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The Financial Conduct Authority (FCA) has published feedback and final rules arising from consultation paper 15/40 which sought changes to the Compensation Sourcebook (COMP) including an increase in the level of the Financial Services Compensation Scheme’s (FSCS) protection for certain non-investment insurance mediation claims.
The FCA said it had received responses from 14 firms or representative bodies, providing around 70 comments to the nine questions asked in CP15/40. The final rules published in Policy Statement 16/14 (PS16/14) do not differ significantly from those set out in the consultation paper because the FCA’s proposals received support from a majority of respondents.
The rule changes come into effect on 29th April 2016 and result in:
- An increase in the non-investment insurance mediation compensation limit in relation to some types of insurance from 90% to 100%. Claims affected are those arising from pure protection contracts, professional indemnity, and general insurance claims arising from the death or incapacity of the policyholder owing to injury, sickness or infirmity.
Members may access the document by clicking here.
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
The post Increases to FSCS compensation limits for GI mediation get green light appeared first on British Insurance Brokers' Association.
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