25 March 2019
•
Image:
"The FCA must immediately postpone the implementation to allow insurance companies to offer terms to our member firms reflecting the changes in the compensation limit" - PIMFA's Ian Cornwall
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...
To continue reading this article...
Join Cover
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Exclusive access to our fortnightly Protection insight mini-podcast.
- Be the first to hear about our CPD accredited events and awards programmes.
