As reported moneymarketing.co.uk, Howden Insurance Brokers has some strong advice to all financial advisers - make sure you check your policy liability insurance business before the limit increase to award the Financial Ombudsman Service £ 150,000.
According to Neil Pointon, director of retail Howden, especially the PII policy for financial advisers defines the upper limit of FOS price, currently £ 100,000. And the risk is that unless advisers updated in terms of their policies, they could end up liable for £ 50,000 deficit.
Point also notes that in addition to limiting the increase in premium, the FOS is to improve its complaints procedure. And the combination of the two changes are likely to drive professional advisers' liability insurance premiums up.
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