PROD-lems and FOS limits: Regulation in 2019

PI costs through the roof After a moderately quiet start to the year, the Financial Ombudsman Service (FOS) award limit was raised to £350,000, and with it, professional indemnity insurance costs for advisers skyrocketed. In March, the FCA admitted costs could rise between 200% and 500% for financial advisers under a "worst-case scenario".  Ambulance chasers get regulated April brought some 900 claims management companies - or ambulance-chasers, as we in the press like to call them - under the Financial Conduct Authority's (FCA) regulatory remit, costing the regulator some £16.8m to ...