PFS calls for combined PII-FSCS fund

FSCS consultation closed on 31 March

Tom Ellis
clock • 2 min read

The Personal Finance Society (PFS) has called for a combined professional indemnity insurance (PII) and Financial Services Compensation Scheme (FSCS) fund in order to solve the lifeboat's 'good guys pay' problem.

In response to the regulator's consultation on FSCS funding the professional body's chief executive Keith Richards (pictured) said bringing PII and the FSCS together into one central fund had the financial capacity to protect both consumers and firms alike. He said the idea was the kind of "out of the box" thinking which needed to be considered as part of the "broadest possible review" of PII and the FSCS.  "Given the link between PII and the FSCS, and the dynamics of how insurance works in relation to the legacy liability of regulated advice, we need to find an integrated and sustain...

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