SimplyBiz launches attack on proposed £350,000 FOS limit
'PI insurers may leave market'
Ken-Davy.“Our discussions with PI insurers indicate that raising the compensation limit is likely to cause further tightening in an already difficult market" - SimplyBiz's Ken Davy
Concerns about potential increase to premiums and levels of excess in contracts
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...
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