FCA flags PI concern in AR update
The Financial Conduct Authority has highlighted the need for principal firms to have compliant professional indemnity insurance to cover the activities of current and former appointed representatives.
The concern was raised as the watchdog released its latest update on the state of the AR market.
According to the regulator, most principal firms had the right levels of PI insurance but a minority only held partial cover or were relying on insurance taken out by the ARs.
“Through our wider supervisory work, we saw some firms with incorrect policies that did not cover ARs and had significant exclusions that greatly limited cover,” it detailed.
ActionIn addition to taking action in these
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