All financial intermediary firms will be required to hold professional indemnity insurance, whether ...
All financial intermediary firms will be required to hold professional indemnity insurance, whether they conduct regulated or non-regulated business, says the FSA's latest consultation on PII. Having produced an about-turn on the use of a waiver if the firm has a high-enough market capitalization, the FSA now says PII policies will have to cover "claims arising from both a firm's regulated and unregulated business" and for any loss or damage for which the firm is responsible, including occasions when another firm acted on its behalf. Details of CP193 - Professional Indemnity Insur...
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