FCA warns firms to check PI cover as FOS limit doubles

PII could rise by 500%

Hannah Godfrey
clock • 2 min read

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 April).  Professional Adviser understands the email was not sent to all advice firms, and at this stage is it unclear how or why the FCA chose to send the information to those it did. Simon Goryl: FOS changes should focus minds on complaints procedures The email, seen by PA, advised firms to check their PI policy provides cover for the new FOS awards limit and said, if they were uns...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read
FCA bans and fines two over pensions transfer advice

FCA bans and fines two over pensions transfer advice

'Poor advice' related to BSPS transfers and other schemes

Jen Frost
clock 31 October 2024 • 2 min read
Donre Advisory-owned SIPP operator enters administration

Donre Advisory-owned SIPP operator enters administration

PSG SIPP administered schemes transferred or to be acquired

Jen Frost
clock 29 October 2024 • 2 min read