Administration Fee
21 Feb 2007
From January 2005 the Financial Services Authority (FSA) regulated all businesses
Administration Fee
From January 2005 the Financial Services Authority (FSA) regulated all businesses which advise on insurance. This regulation came about because of an EU directive setting out common standards throughout Europe. These new regulations add substantially to our costs in terms of fees to the FSA, fees towards a compensation fund to cover brokers who fail and a levy to cover an insurance ombudsmen scheme. Whilst we have taken the decision to absorb a significant percentage of these costs, we now have no alternative but to increase our administration fee to £20 per policy invoice although we are pleased to confirm that our investigations indicate this is still significantly lower than many other companies.
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