The British Insurance Brokers’ Association (BIBA), has called on the FSA to accelerate its fundamental review of the Financial Services Compensation Scheme (FSCS).

Eric Galbraith, BIBA chief executive, claimed that recent comments by the FSA have shown that the FSCS issue is not as high priority for the FSA as it is for BIBA and its members.

He said: “The recent publication of the FSCS’s interim budget for 2011/12 with a potential further 50% increase in levies for insurance intermediaries highlights once again the fundamental unfairness in the current funding model. It is imperative that the FSA now pushes forward with its consultation process to ensure that a more equitable model is in place for April 2012.