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 Authority (FCA) goes ahead with its proposals to increase the compensation limit from £150,000 to £350,000. It also pointed to the risk some insurers may leave the market and potential entrants may be deterred. The regulator said its CP18/31 proposals - which would more than double the amount the ombudsman could make firms compensate people - would be fairer for customers. According t...
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