Advice firms insured through Collegiate are set to miss the FCA's deadline for information on its PI cover because the insurer has been overwhelmed with defined benefit (DB) insurance applications from policyholders.
Last Friday, the Financial Conduct Authority (FCA) sent advisers an email on potential changes to their professional indemnity (PI) cover just three days before the Financial Ombudsman Service (FOS) awards limit increased from £150,000 to £350,000 on 1 April. The regulator recommended firms check their PI policy provided cover for the new awards limit and said that, if firms were unsure about their cover, they should speak to their insurer or broker as soon as possible. The financial watchdog went on to say that, if the insurance policy did not provide compliant cover, firms should co...
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