SimplyBiz launches attack on proposed £350,000 FOS limit

'PI insurers may leave market'

Tom Ellis
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 Ken-Davy.“Our discussions with PI insurers indicate that raising the compensation limit is likely to cause further tightening in an already difficult market" - SimplyBiz's Ken Davy
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Ken-Davy.“Our discussions with PI insurers indicate that raising the compensation limit is likely to cause further tightening in an already difficult market" - SimplyBiz's Ken Davy

Adviser compliance and business support firm SimplyBiz has launched an attack on the FCA proposals to increase the limit consumers can claim from the Financial Ombudsman Service.

The group said it had spoken to a number of professional indemnity (PI) insurers and had raised concerns about the potential increase to premiums and levels of excess in contracts if the Financial Conduct...

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