FCA warns firms to check PI cover as FOS limit doubles
PI could rise by 500%
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...
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