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&#39Emergency measures by FSA have had little PI impact&#39

The FSA&#39s temporary professional indemnity insurance modifications have failed to have any significant impact in helping IFAs get cover, according to leading PI brokers.

Although the modifications, announced last month and due to run until July, are considered to be a step in the right direction, brokers claim the changes came too late to help in the busy November renewal market.

They say that in the run-up to the end of the year, most insurance companies are running out of capacity anyway, meaning the full impact of the modifications will not become apparent until next year.

The FSA has softened its PI stance by shifting the risk from PI providers to IFAs, with advisers paying excesses on every claim.

Collegiate Insurance Brokers marketing director Fergus Chappel says: “A lot of PI insurers have fundamental concerns about the underlying nature of risk and the changes may still not provide adequate comfort.”

PYV managing director Ian Boscoe says: “The problem is much more general than FSA requirements. The problems in the whole insurance world, from corporate scandals to threat of war, have been thrown into the melting pot. Every loosening of mandatory terms will be useful but we have to wait for changes in the international circumstances to have an impact on the market.”


Sellers Packs back on the agenda

The Government has announced it plans to reintroduce its controversial Sellers Packs in the upcoming Parliamentary session “as soon as it possibly can.”The move will come as part of the Housing Bill, which will be introduced shortly by the Office for the Deputy Prime Minister. While the Packs did not receive a specific reference in […]

Fund firms press S&P for cheaper rating deal

Several major fund companies are believed to be stalling on their payments to Standard & Poor&#39s in a bid to persuade the rating agency to change its charging structure. The firms are understood to be increasingly frustrated at how S&P charges in advance for rating funds they do not want assessed and that cheaper services […]

Inside edge

Most of you who use computers every day probably will not have a clue about the stuff I am just going to tell you but, like, why would I care? Before the things you all call computers ever existed, two guys who made my all-time heroes&#39 hall of fame changed all our lives. They were […]

Bedlam Asset Management – Bedlam Global Fund

Friday, November 15, 2002 Type: Oeic Aim: Growth by investing in global equities Minimum investment: Lump sum £3,000 Place of registration: Dublin Investment split: 100% in global equities Isa link: Yes Pep transfers: Yes Charges: Annual subject to negotiation Commission: None Tel: 020 7648 4300

Tax allowances and exemptions

Helen O’Hagan, Technical Manager at Prudential, looks into the planning strategies that can deliver considerable tax savings for your clients. Inheritance tax (IHT) Consider Margaret, featured on our Planning Matters family hub, who is a sprightly eighty year old with four children and several grandchildren. She’s recently been widowed and IHT planning is high on […]


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