The Financial Conduct Authority (FCA) has published a statement on its website concerning the ability of financial advisers to get professional indemnity insurance (PII). PII is a requirement for a number of authorised persons under FCA rules.
The FCA writes that it is aware that insurers providing PII cover may seek additional information during the current period of uncertainty due to covid-19. Following conversations with a number of insurers and brokers as well as the International Underwriting Association, the FCA tells financial advisers that PII cover is still available on the market and accordingly firms should continue to ensure that they have cover in place.