Rules on PII to be relaxed

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...