Protect yourself: Reducing the risk of professional indemnity claims

The regulator has been on a mission over the past few years to push up standards in the profession and to regain consumer trust. The main aims have been to improve transparency and choice for the customer. IFAs have had to grapple with an unprecedented pace of regulatory change, at the same time as dealing with an increasing number of claims due to an ailing economy. Where the Financial Conduct Authority (FCA) has not forced the IFA to offer redress itself, clients have been encouraged to seek redress through the Financial Ombudsman Service (FOS). The claims have cost IFAs and t...