PII experts challenge FSA over Arch Cru fallout

clock

Professional indemnity insurance (PII) experts have questioned the FSA's view that its redress scheme for Arch Cru investors will have no impact upon the future availability of cover for IFAs.

Earlier this week, the FSA announced that, under plans being consulted on, advisers will have to hand over around £110m back to clients for mis-selling them the funds. In the consultation document, it said: "We have considered the impact on the availability of professional indemnity insurance (PII). "We do not consider that our proposals will have a significant impact on the future availability of PII in general, but we will revise this assessment in the light of any evidence received." However, Neil Pointon (pictured), director of retail at Howden Insurance Brokers, says the propo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Why 'polluter pays' isn't as simple as it seems

Why 'polluter pays' isn't as simple as it seems

'If only life was that easy'

Justin Cash
clock 20 December 2024 • 4 min read
Consumers invited to debate on the idea of targeted support

Consumers invited to debate on the idea of targeted support

Phoenix Insights forms panel to meet in early 2025

Isabel Baxter
clock 10 December 2024 • 2 min read
FCA: 'We will never operate a zero-failure regulatory regime'

FCA: 'We will never operate a zero-failure regulatory regime'

Regulator responds to chancellor Rachel Reeves

Isabel Baxter
clock 10 December 2024 • 2 min read