Aegon has urged the regulator to give priority to ensuring affordable professional indemnity (PI) insurance is available to firms offering defined benefit (DB) transfer advice, in its consultation on the area.
In a consultation which closes on 1 August, the Financial Conduct Authority (FCA) is considering introducing changes to PI insurance to stop some policies from containing limits on claims where the adviser becomes insolvent. This is a follow up to the regulator's consultation on the funding of the Financial Services Compensation Scheme (FSCS). At present, the changes mean the FSCS cannot claim on these policies, which Aegon warned is putting upward pressure on FSCS levies and reducing compensation some customers receive. Aegon pensions director Steven Cameron (pictured) agreed the ...
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