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FSA says 40% now have PI covering IMD

The FSA says 40 per cent of intermediaries now have professional indemnity cover which is compliant with the requirements of the insurance mediation directive.

Katharine Lynch, a member of the retail intermediary sector team at the FSA, says: “Things are getting slightly better for IFAs on PI but the market has not improved dramatically and we do not want to be complacent. However, we are finding that firms are getting cover a bit more quickly, and that it is IMD-compliant.”

Chubb Insurance, believed to have almost a quarter of the IFA PI market, opened its books to new IFA business for the first time in a year in July.

The IMD comes into effect in January 2005 and requires firms to have £1m in PI cover. It will be followed in April 2006 by the market in financial instruments directive, which requires firms to have £500,000 extra cover, set aside £30,000 capital or have a combination of the two in place.

The IMD is set to be reviewed by the European Commission by April 2005 and Lynch says the FSA is aiming to take an active role in the review.


Standard Life creates new template

Standard Life has brought out the secured capital plan, a capital-protected Oeic established under the European Ucits III legislation. The fund is linked to the FTSE 100 index for a term of five years and 48 days and will replace Standard Life&#39s range of guaranteed bonds. The fund resembles guaranteed equity bonds in that it […]

Old Mutual breaks free

Old Mutual Asset Management has created the dynamic bond fund, a unit trust that aims for income and growth in all market conditions by investing in a range of fixed-interest securities. The fund will invest in both investment-grade and high-yield corporate bonds, but can also invest in government bonds, convertibles and other forms of fixed-interest. […]

SP Mortgage Administration adds GMAC to its lender panel

SP Mortgage Administration, the mortgage packaging business, has added GMAC to its existing lender panel which already includes SPML, Platform Home Loans, Amber Home Loans, Bristol & West and BMS. SP Mortgage Administration operations director Nigel Woodhouse says: “We are delighted to add GMAC to our lender panel, offering brokers an even wider range of […]

Man Investments – Man RMF Multi-Style Series 2

Type: Capital-protected hedge fund of funds Aim: Growth by investing in managed futures, relative value, event driven equity hedge and global macro strategies Minimum investment: Lump sum $50,000, euros 50,000 Investment split: 50% managed futures, 23% relative value, 13% event driven, 7% equity hedge, 7% global macro Place of registration: Bermuda Guarantee: Original capital returned […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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