The Association of Christian Financial Advisers (ACFA) has called for an end to the Financial Services Compensation Scheme (FSCS) in its current form and a re-drafting of the professional indemnity insurance (PII) market.
It described the FSCS compensation scheme as a "Russian roulette" for advisers and described securing PII in the current climate as "a lottery". The ACFA is proposing that advisers' PI should be replaced by a national PI scheme to prevent underwriters "cherry-picking" the products and services they will cover, and "offering cover only in good years". The call comes a week after adviser group Honister Capital was put into administration - leaving up to 900 advisers without a home - because it failed to secure adequate PII. AFCA chair Derek Williams said he he felt fundamental change...
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