PFS CPD Event - Professional Indemnity Breakfast ***POSTPONED***

***POSTPONED DUE TO RECENT CIRCUMSTANCES***

Wednesday 8^th April 2020. 8am registration with bacon rolls, orange juice, tea & coffee for 8.15 start.

Venue

Kennford Room, The Exeter Court Hotel, Kennford, Exeter, EX6 7UX.

Speaker

Lee Chapman-Director PIB Insurance Brokers.

Session Overview

Professional indemnity insurance (PII) is liability insurance that covers firms when a third party claims to have suffered a loss, usually due to professional negligence. It is your firms’ responsibility to take out adequate cover, as set out in the FCA rules, and to think about the effect that the PII policy's terms and conditions might have on your firms’ business.

Professional Indemnity Insurance rates have been hardening over the past year following concerns over the suitability of defined benefit (DB) pension transfers and have recently been further impacted by the FCA’s decision to double the Financial Ombudsman Service (FOS) compensation limit from £150,000 to £350,000.

The negative impact on the sector from both a financial and operational perspective is clear to see and is likely to place greater pressure on an already broken Financial Services Compensation Scheme (FSCS) if proactive action is not taken to address the matter.

Bio on Lee Chapman

I have been a Lloyds Placing broker for over 20 years specialising in Professional Liability for the Financial Services industry and connected professions. My experience involves business development, market placement, risk management, account handling and product development. I worked with firms who are trying to get authorised up to large networks.

Objectives

Better understanding of insurers view of DB’s

• Current Market Capacity
• How to assist your broker with your PI renewal
• Regulatory issues including the recent increased FOS award limit