FCA warns firms to check PI cover as FOS limit doubles

PII could rise by 500%

Hannah Godfrey
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The FCA has warned adviser firms to double-check their PI insurance policy covers the increased FOS compensation award limit, which kicks in from today.
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The FCA has warned adviser firms to double-check their PI insurance policy covers the increased FOS compensation award limit, which kicks in from today.

The Financial Conduct Authority (FCA) has advised firms to make sure their professional indemnity (PI) insurance policy covers the increased FOS compensation award limit, which kicks in from today.

On Friday, the FCA sent an email to some adviser firms reminding them to double-check their PI policy provides cover for the new Financial Ombudsman Service (FOS) limit, which rises to £350,000 today (1...

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