PI insurance and the FOS award limit - a further update

There have been a number of different reactions from PI insurers to the recent increase in the FOS award limit to £350,000 for claims brought for actions taken (or not taken) from 1 April 2019. We reported yesterday that we had received positive feedback about some insurers in the market whereas a small number had not yet defined their stance.

We are continuing to talk to the FCA about their response to firms who may not hold the full £350,000 cover for FOS award cases but, at the time of writing, we have not had any definitive guidance from them on how they will be treating these cases.

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