Financial advice lobby group PIMFA is calling on the Financial Conduct Authority (FCA) to postpone the implementation of revised Financial Ombudsman Service (FOS) compensation limits.

The publication of PS 19/8 increased the FOS’ compensation limit to £350,000, effective 1 April 2019.

Following this PIMFA has been assessing the impact with its member firms, particularly those firms who are currently seeking to renew their Professional Indemnity Insurance (PII).

PIMFA stated it is clear that “a number of insurance companies are not yet in a position to confirm whether or not they will able to offer terms r...