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PIMFA, the trade association for investment managers and financial advisers, calls for FCA to postpone implementation of revised FOS compensation limits |
Following the publication of PS 19/8, which increased the FOS’s compensation limit to £350,000, we have been assessing the impact with our member firms, particularly those firms who are currently seeking to renew their Professional Indemnity Insurance (PII).It is clear, with less than one week to go before the rules are implemented on 1st April, that a number of insurance companies are not yet in a position to confirm whether or not they will able to offer terms reflecting the increased limit. Many firms currently seeking to renew their cover will not be able to obtain cover reflecting the revised FOS limit by 1st April 2019.
The impact on the PII market was an area of key concern flagged by PIMFA in our submission to the CP. We are disappointed that in setting an implementation date of 1st April 2019 the FCA has failed to properly assess the impact on insurance companies and their ability to offer terms reflecting the changes in the compensation limit. The FCA must immediately postpone the implementation of the rules and revisit the impact of the increase in the compensation limit on the PII market. |
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