Steve White, head of compliance and training at BIBA, said: "Our consultants will be closely studying the accompanying economic study of affordability prepared by Deloitte and we will then respond accordingly.
"We are also very concerned about the suggested creation of the ‘retail pool’ which could have serious consequences for our members if significant failures occur elsewhere in the funding scheme.”
Eric Galbraith, BIBA chief executive, added: “BIBA together with our lawyers and consultants remain engaged in helping us find a more equitable long term solution for insurance brokers. It will not be easy but all options must be considered.”
