FSA starts work on potential PII waiver

The FSA has begun dealing with intermediaries seeking a waiver from the requirement for fully compliant professional indemnity (PI) cover. It is writing to firms a month before their cover expires reminding them of its requirements on PI. This sets out how a firm can potentially receive a waiver from the FSA if it is unsuccessful in getting cover. So far the regulator has dealt with four firms, giving one a waiver and refusing it to another three. There are some 20 further cases pending. The regulator is keen to be seen as sympathetic to the plight of intermediaries. At the end of la...