IFAs want easier access to indemnity cover
The Treasury has been urged in the Commons to relax the requirement for independent financial advisers, with a good claims record, to obtain professional indemnity insurance.
Christchurch Tory MP Christopher Chope delivered the plea in a written question following increasing difficulties obtaining cover.
Financial secretary Ruth Kelly said the Financial Services Authority ‘is aware of the difficulties facing such firms and will be publishing a consultation document shortly’.
She said the requirement for cover was contained in the FSA rules.