PI provider scales back on DB cover following FOS award hike

Continuing cover for other business

Hannah Godfrey
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"When you realise overnight your PI insurance may not be sufficient to cover FOS limits, and the uncertainty involved, it's a scary place to be" - IFS Wealth & Pensions' Ricky Chan
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"When you realise overnight your PI insurance may not be sufficient to cover FOS limits, and the uncertainty involved, it's a scary place to be" - IFS Wealth & Pensions' Ricky Chan

Professional indemnity (PI) insurance provider Collegiate has questioned whether it will continue to insure defined benefit (DB) transfers following the FOS compensation limit increase.

In an email seen by Professional Adviser, the PI provider confirmed all of its active policies would provide full indemnity cover for any Financial Ombudsman Service (FOS) awards up to the new £350,000...

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