OFT to look at rising cost of liability insurance

The Office of Fair Trading has launched a study into the current liability insurance crisis and rising premiums, just as hundreds of IFAs are asking for a review of its regulatory restraints. This investigation comes at a time when independent financial advisers (IFAs) are said to be struggling to obtain suitable Professional Indemnity Insurance (PII) because the threat of new mis-selling scandals has forced most PI insurers and brokers to stop offering PI cover. The OFT review will look at public, product, professional and employers' liability insurance, in particular analysing h...