The FSA has officially adopted into its handbook the relaxed rules on professional indemnity insuran...
The FSA has officially adopted into its handbook the relaxed rules on professional indemnity insurance it introduced in November last year into its handbook. The permanent changes to PII will take effect on 1 July.
The regulator has reduced the number of risk events PI insurers have to cover and said firms with a turnover of £10m or more do not need to be insured.
Tracey Mullins, communications director at Aifa, said it was positive these changes have been made permanent. She added: 'We are happy the relaxed rules are being made permanent but the more relaxed attitude the regulator has taken since November has been more important in easing the seriousness of the situation.'
More than £167,000 raised
Beware ‘temporary’ vulnerability
Partner Insight: A renewed focus on 'knowledge-intensive' companies should help investors realise that these entrepreneurial companies are found in sectors other than biotech or technology.
Celtic WM and Active Wealth