PracticeConsultingIFAs want easier access to indemnity cover

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.

Link: Irish institute wants probe into PI costs

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.

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