PI threat to advisers using IoM products

Belgian insurance company Sobegas has stopped providing professional indemnity cover to expatriate intermediaries in what some see as a worrying precedent. With increased regulation in the EU, there is concern other insurers will not provide PI insurance to advisers writing international business. It is a requirement of the Insurance Mediation Directive that advisers in the EU have PI insurance. Vincent Derudder of the European Federation of Financial Advisers and Financial Intermediaries (Fecif) said: "The problem is that in countries where there is a small intermediary market, it is...