PIMFA urges FCA to postpone FOS £350,000 compensation limit hike

Set for 1 April 2019

clock • 2 min read

PIMFA has called on the Financial Conduct Authority (FCA) to postpone its implementation of the revised Financial Ombudsman Services (FOS) compensation limits

Earlier this month, the regulator confirmed the FOS compensation limit would rise from £150,000 to £350,000 and the trade body said it had been assessing the impact of the implementation with its member firms - and particularly those that are currently seeking to renew their professional indemnity (PI) insurance. This comes after the FCA said PI costs could rocket by anything between 200% and 500%, according to forecasts made by insurers. The regulator did however note these figures came in higher than its own estimate of a 140% increase. The FCA admitted some firms could stop providi...

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

FCA names Chris Knight as director of insurance

FCA names Chris Knight as director of insurance

Joins from Legal and General

Jaskeet Briah
clock 09 March 2026 • 1 min read
The COVER Review: Spring Statement 2026, provider claims and a new market study

The COVER Review: Spring Statement 2026, provider claims and a new market study

Week commencing 2 March 2026

COVER
clock 06 March 2026 • 1 min read
CMA launches market study into private dental services

CMA launches market study into private dental services

Examining fair value

Cameron Roberts
clock 05 March 2026 • 2 min read