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 of last resort for cover for financial advice firms. PFS chief executive Keith Richards (pictured) said: "While we acknowledge the FCA and treasury have a list of urgent priorities at present, 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 ...
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