You will no doubt be well aware by now of the hardening market affecting UK based construction professional indemnity insurance risks. The number of insurers offering D&C PI has contracted, terms & coverage offered are more restrictive, limits of indemnity…read more
Channel 4 documentary highlights shortcomings at the Financial Ombudsman Service (FOS)
An investigative Channel 4 Dispatches documentary was controversially aired in March, detailing alleged shortcomings in training and knowledge at the Financial Ombudsman Service (FOS). The Dispatches documentary sent an undercover journalist to act as a trainee investigator within the watchdog…read more
Broker Warranty
By “simply telling a client, here is the insurance policy documentation; be sure to read it and check it meets your requirements is not good enough” according to the Royal Court in Jersey, which awarded £528,500 to a café owner…read more
Placement of the Month – August
Our August placement of the month is a large accountancy firm that had been involved in some high-risk activities, including previous exposure to tax avoidance. As you might expect, the holding market was not willing to cover this. In addition,…read more
Placement of the Month – July
Our July Placement of the Month was a troublesome renewal involving a design and construction risk. The insurer dropped from 100% of a £5m AOC limit, paying £27,500, to a 50% line of a £5m AGG limit, whilst increasing the…read more
Doncaster insurance firm fined by FCA
The FCA have imposed a fine against One Call and its CEO in respect of their inadvertent failure to protect client money, which acts as a stark reminder to us of the importance of thorough auditing and risk transfer practices….read more
SRA to shake up qualification practices. Published April 2018.
Following recently updated proposals from the Solicitors Regulation Authority (SRA), newly qualified solicitors will have the ability to establish their own practices without the requirement of further supervision once they are initially qualified. As the SRA enter the second phase…read more
