Scott states EL and PI concern
Sandy Scott, director general of the Chartered Insurance Institute, spoke out against the Financial ...
Sandy Scott, director general of the Chartered Insurance Institute, spoke out against the Financial Services Authority's risk-based approach to capital requirements at PB's Bristol roadshow.
Referring to CP 190, which outlines brokers' proposed financial requirements, Scott said: "Capital derives capacity and the new risk-based approach to capital is likely to mean we end up with compulsory employers' liability and professional indemnity insurance that no one can afford."
However, Scott added: "Training and competence is only of value if it deals with issues such as capital requirements, regulation, claims and technology."
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