Ombudsman
FCA addresses market concerns over compensation hike
UK firms struggling to get PI insurance after limit raised to £350,000
UK ombudsman reports 14% rise in IFA complaints
It also logged a large increase in historical cases from over 15 years ago
UK pension scheme trustees ordered to refund members
Gross mismanagement had resulted in people losing their funds
Advice firms get 5 days to tell FCA about inadequate PI cover
As ombudsman compensation limit more than doubles to £350,000 from 1 April 2019
Call for UK regulator to halt 133% compensation limit spike
The impact on the professional indemnity insurance market is a key concern ahead of 1 April changes