IFAs unindemnified
The onset of statutory regulation for independent financial advisers(IFAs) has sent their professional indemnity premiums soaring, and somepractitioners have already had to close down for lack of cover, writesPaul Lang
Just over a year has gone by since independent financial advisers(IFAs) were required by law to comply with Financial Services Authority(FSA) regulation, and, already, more and more IFAs are finding greatdifficulty in obtaining compliant professional indemnity (PI)insurance.
PI insurers are battening down the hatches against a potential wave ofclaims from buyers of poorly performing investment products, in the faceof a regulatory climate that does nothing to cool down the rising fever
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