The FSA has just announced the publication of CP193, its consultation paper on professional indemnit...
The FSA has just announced the publication of CP193, its consultation paper on professional indemnity insurance.
It says that 72% of firms due to renew their cover between September last year to the end of June this year have succeeded in obtaining cover or a waiver – although it does not break the figure down further.
In a statement the FSA says that its proposals provide a "flexible framework within which they (sic) can choose how to combine PII and financial resources".
"This will help firms remain in business when the PI market is tight, as it is now, and will continue to protect consumers who may have claims against firms."
As part of the consultation process, the FSA intends to run "consultative workshops" for investment firms and "other interested parties".
Improved communications between the PI market, trade bodies and the FSA would go a long way to resolving the problems currently faced by IFAs, the regulator says.
Responses should be with the FSA by 29 October.
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