Friday, 24 August 2012

'FSA must stop treating PI as a cash cow...'


'Historically, the FSA has seemed to regard professional indemnity insurance as a cash cow which exists to compensate misselling claims.

While the tide may be turning slowly, the FSA’s 2010 Insurance Sector Digest exhorting insurers to focus on profitable underwriting, this digest was not PII focused and recent developments surrounding Arch cru suggest that the cash cow vision may still hold sway. In particular, on 12 July, the FSA sent a “Dear CEO” letter to a number of insurers who provide PII to financial advisers expressing concern that insurers might seek to exclude Arch cru claims from future cover and that this could result in firms needing to hold additional capital...'

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