‘We expect insurers to pay’ – FCA agrees compensation for steel workers to trigger IFA claims
The FCA today agreed compensation for British Steel workers, meaning brokers are now braced for professional indemnity claims from financial advisers who gave them poor pensions advice.
The regulator estimates more than 1,000 British Steel Pensions Scheme members will receive compensation, with the average pay out around £45,000.
The FCA expects professional indemnity brokers to play an important role in ensuring £19.2m of £71.2m liabilities are met by insurers and MGAs.
Speaking at a press briefing this morning, director of consumer investments Therese Chambers said she ‘expects insurers to pay out in line with the coverage that the firms have paid for’.
She added: “We have
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