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PI forum&#39s guide to aid IFAs on FSAVCs

The first industrywide professional indemnity insurance forum has published preliminary guidance to help IFAs deal with the FSAVC review.

The key finding of the forum – a joint project between Aifa, the FSA, Pass, PI underwriters and brokers designed to open up lines of communication between PI brokersand the rest of the industry – was that IFAs should followthe advice of the broker and furnish them with as much information as possible.

IFAs are being hindered in conducting the review because they cannot cross-check records with product providers until the FSA has cleared the data, which itwill start doing from October.

Aifa says IFAs can help themselves by telling PI brokers when the information they are supplying is not 100 per cent accurate and brokers need to understand why this is the case. It is anxious to issue more detailed guidance before November 1 when many IFAs renew their PI insurance.

The forum will split in two groups, with one focusing on core standards and the other on FSAVCs.

Aifa spokeswoman Fay Goddard says: “The first meeting was useful to explain IFAs&#39 position. Now we wantto issue more detailed guidance.”

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