In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements.
Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the
Following an eight month review, ASIC has released its findings on the PI insurance market and areas of regulatory risk for AFS licensees providing financial product advice to retail clients on Tier 1 products (referred to as ‘advice licensees’).
While the availability of PI insurance cover has improved, ASIC found that not all advice licensees have adequate cover.
ASIC detected compliance issues in five key areas and signalled an intention to increase surveillance of advice licensees to monitor compliance. ASIC’s position is that these issues should be addressed by the industry.