The Personal Finance Society welcomes the review of FSCS funding
and the implicit recognition within the consultation that the
current system is unfair to Financial Adviser intermediaries.
We encourage the FCA to take this opportunity to broaden the
parameters of the review, to help find a long term viable solution
that addresses the fundamental issues of a growing pool of legacy
risk, a growing number of potential claims being met by a reduced
collective of contributors, driving some away from regulated
activity and deterring new entrants to the market.
We encourage the FCA to consider the widest range of single or
multiple solutions, including a consideration of the future role
that professional indemnity insurance has to play and its
interaction with the FSCS.
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