PII broker PYV has warned depolarisation could unwittingly attract negligence claims for IFAs because of an increased in compliance and risk management requirements.
PYV is specifically warning professional indemnity insurance premiums could yet climb further as the FSA’s 130-page document on requirements for the new depolarisation regime was released only a month ago and may not give firms enough to meet the June 1st enactment deadline for implementing new compliance procedures. According to Hilary Wilkins, COO at PYV, the legalese contents of the FSA depolarisation policy document are sufficiently ambiguous to make it difficult for intermediaries to know how they should operate, under what terms they may have ‘exemption liability’ and, more specifi...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes