FCA review finds 'clear non-compliance' among PI insurance firms

'Significant concerns' on exclusions

Tom Ellis
clock • 2 min read

Some firms offering Professional Indemnity (PI) insurance do not comply with regulation rules, the Financial Conduct Authority (FCA) has concluded in a review of the market.

In an assessment of 200 general insurance intermediaries, the regulator said it found clear examples of "inadequate policy limits or exclusions which exclude all activity" among PI insurers, breaching its rules. Although the regulator found there is "sufficient breadth within the market to provide choice" for PI cover, it said a number of policies contained exclusion clauses that gave the FCA "significant concerns" the effect of the clauses could reduce the scope of cover that is required by MIPRU - the Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediari...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Under 55s open to 'pay as you go' advice

Under 55s open to 'pay as you go' advice

Lang Cat research finds

Jen Frost
clock 27 June 2025 • 2 min read
Upper Tribunal upholds FCA ban on ex-Barclays CEO

Upper Tribunal upholds FCA ban on ex-Barclays CEO

FCA also fined Jes Staley £1.1m

Patrick Brusnahan
clock 26 June 2025 • 1 min read
SJP told to compensate man over charges breakdown failings

SJP told to compensate man over charges breakdown failings

Information sought amid client’s ongoing advice provision concerns

Jen Frost
clock 26 June 2025 • 2 min read