The Association of Independent Financial Advisers (Aifa) is calling on the European Commission to retain the UK's professional indemnity waiver.
The European Fund and Asset Management Association says proposals in the European Commission's Green Paper on investment fails to dent the key issues of creating a true single market in financial services.
The Association of IFAs has uncovered a clause in an EU directive which could allow the trade body to push for reform of current PI requirements.
This story has been updated and substantially altered, following new information from the Association of IFAs.
A new concept in professional indemnity insurance has been launched which divides an IFA's premium between a general claims pot, the adviser's account and basic insurance costs.
PYV has opened the professional indemnity insurance market following a deal with Chubb Insurance, just as IFAs need extra capacity.
Financial intermediaries conducting general insurance and protection business will now be able to hold both client money and other insurance assets in one single account, says the FSA.
Independent Financial Advisers have NOTHING to gain except further regulation and added costs if latest FSA interpretation of the EU Directive comes into effect, warns the Association of IFAs.