SimplyBiz launches attack on proposed £350,000 FOS limit

Adviser compliance and business support firm SimplyBiz has launched an attack on Financial Conduct Authority (FCA) proposals to increase the limit consumers can claim from the Financial Ombudsman Service (FOS) from £150,000 to £350,000. The group said it had spoken to a number of professional indemnity (PI) insurers and raised concerns about the potential increase to premiums and levels of excess in contracts if the FCA proposals to increase the compensation limit go ahead. It also pointed to the risk some insurers may leave the market and potential entrants may be deterred.   The reg...