The Financial Conduct Authority (FCA) has warned the Covid-19 pandemic is no excuse for firms not to have professional indemnity insurance (PII) in place.
In an update on its website on Tuesday (21 April), the financial watchdog said it recognised some firms were concerned the coronavirus situation may affect their ability to renew PII in a timely manner. However, the FCA said it had been in contact with the International Underwriting Association, and from its discussions understood PI cover remained available in the market, and Covid-19 was not preventing insurers from undertaking the renewals process. The update said: "Our position remains that firms need to have PII policies in place in accordance with our rules to support their abil...
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