A small intermediary firm's struggle highlights the pII difficulties
The FSA has started proceedings against Cardiff-based adviser Philip Evans & Associates after the firm was unable to obtain professional indemnity insurance (PII) by a 15 October deadline. This comes after the regulator pledged it would be patient with intermediaries having genuine difficulty acquiring sufficient cover. In a letter to Philip Evans dated 8 October, the FSA wrote that failure to provide details of PI cover by 15 October would mean the regulator would consider action to cancel the firm's authorisation, or vary its permission to outlaw investment business. Having failed ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes