LIA calls for PI exemptions

The Life Insurance Association (LIA) has called for intermediaries with turnover of less than £500,000 to be exempt from the FSA requirement for professional indemnity insurance (PII). In a submission to the FSA following the release of its consultation paper on proposed changed to PI cover, CP169, the LIA said the regulator is putting extreme pressure on small firms with its PI requirements when PI cover is not available to many small intermediaries. The FSA has been reviewing its rules on PI cover after IFAs reported enormous hikes in premia and difficulty in obtaining sufficient cov...