Professionals should expect an increase in their professional indemnity insurance policies, it has been advised.
Professional indemnity (PI) experts have warned that the Federation of Services Authority (FSA’s) has announced an increase in the Financial Ombudsman (FOS) compensation limit to £150,000, up from £100,000.
PI experts send out a stern warning to policy holders that premiums will be impacted negatively, despite regulator’s assuring the complete opposite.
The FSA stated that the impact to authorised professionals covered by the FOS will be minimal as there will be little number cases where the award exceeds the current limit.
Some PI experts believe that payouts and premiums will be sent soaring from an increase in awards. It ha




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