IFAs who mis-sold pensions to steel workers fear insurers will reject PI claims
Financial advisers who mis-sold pensions to British Steel workers ‘are concerned that their professional indemnity insurance may not respond to claims’, it has emerged in a regulatory update.
In a ‘Dear CEO’ letter to PII firms, the Financial Conduct Authority has outlined a list of its expectations over the compensation scheme it announced on Monday for British Steel workers.
The FCA expects PI brokers to play an important role in ensuring £19.2m of £71.2m liabilities are met by insurers and MGAs.
Sheldon Mills, executive director of consumers and competition said: “Whilst consulting on the scheme, we became aware that some BSPS [British Steel Pensions Scheme] scheme firms
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