We have seen increases in government regulated fees across most industry sectors, from mining to transport, farming and manufacturing. Now it appears to be the Financial Services Industry’s turn to have increased fees imposed on us.
Unfortunately, these sorts of imposts only mean premiums will rise as brokers seek to recoup the massive increases. The below article published today from the professional publication, Insurance and Risk gives some details pertaining to the proposed increases. The upside for us and our clients is that as we are a Corporate Authorised Representative of Westcourt Insurance, the fee impact may be minor. We will have to wait and see.
Licensing fee increases looming