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...

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