FCA warns firms to check PI cover as FOS limit doubles

PI could rise by 500%

Hannah Godfrey
clock • 2 min read

Email sent to adviser firms on Friday reminding them to check that they have cover for today's limit increase to £350,000

The Financial Conduct Authority (FCA) has advised firms to make sure their professional indemnity (PI) insurance policy covers the increased FOS compensation award limit, which kicks in from today.  On Friday, the FCA sent an email to some adviser firms reminding them to double-check their PI policy provides cover for the new Financial Ombudsman Service (FOS) limit, which rises to £350,000 today (1 April).  COVER's sister publication, Professional Adviser understands the email was not sent to all advice firms, and at this stage is it unclear how or why the FCA chose to send the inform...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

BIBA names Julie Comer as head of compliance

BIBA names Julie Comer as head of compliance

Helping members with compliance queries and concerns

Jaskeet Briah
clock 20 March 2024 • 1 min read
FCA unveils measures for more transparent enforcement cases

FCA unveils measures for more transparent enforcement cases

Consultation process initiated

Sahar Nazir
clock 27 February 2024 • 2 min read
Vulnerable client processes: What the FCA wants from advisers

Vulnerable client processes: What the FCA wants from advisers

Proactive approach in identification and support

Alexander McGregor and Kris Armstrong
clock 26 February 2024 • 4 min read