Financial Conduct Authority  

FCA demands copies of PI policies from advisers

Speaking at a Pimfa summit in London earlier this month, Debbie Gupta, director of life insurance and financial advice at the FCA, said transfer advice would remain a supervision priority for the regulator.

The FCA recently said it was considering extending its review of the DB transfer market to include a “wider range” of firms next year, depending on the outcome of its 2019 assessments.

Alan Chan, director at IFS Wealth & Pensions, said: “I think it’s a good thing that the FCA is requesting to see the actual copy of the PI policy because there are many policies that now come with exclusions and it’s impossible to list all these and the various conditions on a Gabriel return.

“This will give the FCA a better cross-sectional view of firms involved in the DB market and the quality of their professional indemnity cover, which is ultimately designed to protect consumers in the event of a claim. This is just the beginning and we’ll see greater scrutiny from the FCA in this space.” 

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