FSA publishes PII information
This follows the latest PII Insurers and Brokers forum, which was hosted by the FSA on 8 March and was attended by representatives from 18 firms.
PII is liability insurance that covers business in the event that a third party claims to have suffered a loss as a result of professional negligence and it is a regulatory requirement for financial advisers, mortgage intermediaries and general insurance brokers. The factsheet is available on the small firms webpages of the FSA website.
Stephen Bland, retail intermediaries sector leader and chair of the PII Insurers and Brokers forum, said: “The PII Insurers and Brokers forum is part of the FSA’s ongoing commitment to communicate clearly with the PII market to assist retail intermediary firms. The topics discussed included firms’ regulatory obligations when handling complaints and compared the risk assessment processes used by the FSA and PII Insurers and Brokers. We will continue to work with the group to discuss emerging trends and issues within the intermediary sector.”