FCA ‘haven’t thought through’ plans for PI insurers to pay millions in IFA claims
Insurers have a number of valid reasons to reject claims from IFAs who mis-sold pensions to British steel workers, according to a legal expert.
The Financial Conduct Authority last week unveiled a £49m compensation scheme for British Steel Pensions Scheme members who were mis-sold pensions by IFAs.
The regulator said it ‘expects insurers to pay’, estimating in its consultation paper insurers could mop up £19.2m in claims from IFAs who have professional indemnity insurance.
The FCA has set out a guidance for all brokers to follow when it comes to paying claims.
However, Damien McPhun, founder of Edesia Law, an expert in legal
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