FCA warns firms to check PI cover as FOS limit doubles
PI could rise by 500%
The FCA has warned adviser firms to double-check their PI insurance policy covers the increased FOS compensation award limit, which kicks in from today.
Email sent to adviser firms on Friday reminding them to check that they have cover for today's limit increase to £350,000
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...
More on Regulation
Australian life insurers make commitment to healthcare workers
During COVID-19
Sick pay legislation comes into effect
On Monday 6 April
FCA tells advisers to work from home
Coronavirus statement
Chancellor unveils self-employed income support plan
‘Comprehensive, coordinated and comprehensive’
More than 500,000 apply for Universal Credit in nine days
Amid COVID-19 chaos
Back to Top
