FSA focuses on PI details of 21 splits firms

The FSA has written to the 21 firms it is investigating over splits, asking for them to clarify deta...

The FSA has written to the 21 firms it is investigating over splits, asking for them to clarify details of their professional indemnity (PI) insurance cover. At present, talks between the two parties have stumbled on the FSA's original demand made at the start of March that the firms accept they have been guilty of wrong-doing, although the regulator has not defined what it means by this. According to the firms, which maintain they did nothing wrong, any pay out would damage their PI cover, and by potentially appearing to admit liability could encourage others to seek compensation. The 21...