FCA warns firms to check PI cover as FOS limit doubles

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...