FCA warns firms to check PI cover as FOS limit doubles

PI could rise by 500%

Hannah Godfrey
clock • 2 min read

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 to all advice firms, and at this stage is it unclear how or why the FCA chose to send the inform...

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

IHT receipts hit £3.2bn

IHT receipts hit £3.2bn

Up by £100m on last year

Isabel Baxter
clock 21 August 2026 • 3 min read
FOS outlines reforms to complaints process

FOS outlines reforms to complaints process

FOS/FCA joint thematic review to come later this year

Isabel Baxter
clock 11 August 2026 • 3 min read
John Healey's first Autumn Budget set for 28 October

John Healey's first Autumn Budget set for 28 October

Government looks to "kickstart growth in every postcode"

Isabel Baxter
clock 03 August 2026 • 2 min read