IFAs could be left with most of the liability of future FSA mis-selling reviews as the latest propos...
IFAs could be left with most of the liability of future FSA mis-selling reviews as the latest proposals for PI insurance contract reforms would not cover costs and compensation of new reviews. Reform of the 'Compliance Clause' under IPRU 13(2)E could be reworked so that PI insurers will only have to cover liabilities if they relate to FSA rules set before the PI contract was signed or renewed, say proposals set out in paragraph 4.13 of CP169. "Additional Clauses, 1 Compliance Clause will be amended so that the minimum insurance requirements are those under the rules relevant to pe...
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