The Financial Conduct Authority (FCA) has urged principals to check their professional indemnity insurance (PII) cover.
This comes as a review showed nearly 10% of firms sampled needed to make changes to their policies or their business model to meet the regulator's rules. The FCA reviewed PII documentation from 269 principals in July 2024. It first highlighted the issue with principals in July 2023 and reminded them about it in January 2025's monthly regulatory newsletter. Seven percent of advisers took action following the watchdog's engagement, as did 9% within wealth management, 11% within insurance, and 11% within mortgages. Non-compliant PII policies identified by the regulator included firms ...
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