Aifa seeks PI reform thru MiFID

David Severn, director general of the AIFA told IFAonline section 65 of the Markets in Financial Instruments Directive (MiFID) allows for the new directive - which affects IFA business - to be reviewed on a regular basis and make changes where appropriate. More importantly, this same directive opens the way for other existing directives, including the Insurance Mediation Directive, to be reviewed so the Aifa is seeking use the clause to get the required level of professional indemnity insurance reduced from £1m. IFAonline