PFS calls for PI relief during Covid-19 pandemic

Written to government

Hannah Godfrey
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Keith Richards: "The challenges being faced by advice firms with pending professional indemnity insurance renewals and those who have had little option but to accept unacceptable terms or cease trading is leaving the sector and consumers exposed."
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Keith Richards: "The challenges being faced by advice firms with pending professional indemnity insurance renewals and those who have had little option but to accept unacceptable terms or cease trading is leaving the sector and consumers exposed."

The Personal Finance Society (PFS) is urging both the Financial Conduct Authority (FCA) and HM Treasury to introduce a temporary four-month waiver for advice firms searching for professional indemnity (PI) insurance.

The professional body has written to the regulator and the government to request the temporary measure, which it said will ease pressure on advisers. It has asked the treasury to act as a reinsurer...

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