Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a635100
FSA panel warns over PI providers excluding FSCS claims
by Michelle Abrego on Nov 16, 2012 at 12:35
The Financial Services Authority’s (FSA) Smaller Business Practitioner Panel has raised concerns over new professional indemnity (PI) insurance policies which exclude paying out on Financial Services Compensation Scheme (FSCS) claims.
Minutes from the FSA board meeting of 27 September show that the panel warned the regulator’s board that many PI insurers did not understand recent regulatory developments faced by small firms.
It highlighted ‘problems associated with new PI policies excluding FSCS claims’.
The minutes said: ‘The board noted the difficulties and lack of understanding of some insurers regarding regulatory developments and associated risks, and the problems associated with new PI policies excluding FSCS claims.’
News sponsored by:
Today's top headlines
- Sunday Papers: Shell warns against commodity market regulation
- Saturday Papers: Backlash to hit scandal-tainted City
- Lights, camera, action! Widows and Helm launch film pension scheme
- High Court judge imposes freezing order on Harlequin bosses' assets
- Tenet scraps five-day Twitter checks with new social media policy