Concerned by what he saw as "significant and widespread failure" in the asset management industry, the FSA wrote to the CEOs of each company in question asking them to carry out an internal review and to take remedial action as part of their information from the customer file maintenance and the relevance of clients' portfolios. Obviously, this could be costly for the companies concerned.
But this type of approach, which an article posted on blg.co.uk argues is becoming typical of the FSA, could have significant professional indemnity insurance implications. Indeed, the wording of some professional indemnity policies now specifically excludes cover for any costs or losses incurred as a result of an industry-wide ruling from the FSA
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