PI provider scales back on DB cover following FOS award hike

Continuing cover for other business

Hannah Godfrey
clock • 2 min read

Professional indemnity (PI) insurance provider Collegiate has questioned whether it will continue to insure defined benefit (DB) transfers following the FOS compensation limit increase.

In an email seen by Professional Adviser, the PI provider confirmed all of its active policies would provide full indemnity cover for any Financial Ombudsman Service (FOS) awards up to the new £350,000 limit. It said, however, it could not extend this cover to complaints about DB transfers arranged after 1 April 2019 - the date the FOS award limit increased. For current Collegiate policyholders wishing to continue arranging DB pension transfers after 1 April, the insurer said it would "consider" providing cover for the increased FOS limit, subject to the completion of a questionnaire....

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 Your profession

Multiply and Scottish Widows partner to 'transform' retirement planning

Multiply and Scottish Widows partner to 'transform' retirement planning

Collaboration aims to deliver personalised pension guidance with AI tools

Sahar Nazir
clock 02 December 2024 • 1 min read
Adviser flags they have been waiting over a year for FOS response

Adviser flags they have been waiting over a year for FOS response

‘Cases are taking a long time to be reviewed which causes stress’

Isabel Baxter
clock 02 December 2024 • 2 min read
Shackleton launches as national advice firm with four acquisitions

Shackleton launches as national advice firm with four acquisitions

Skerritts Group rebrands to Shackleton

Sahar Nazir
clock 02 December 2024 • 2 min read