professional indemnity

Financial planning

Licensees hopeful of lower PI insurance with safe harbour change

Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said....

Financial planning

Small licensees not immune from ASIC surveillance

Smaller licensees should be aware that they are just as much on ASIC’s radar as their larger counterparts as increased data and technology means the regulator has greater...

Financial planning

Should wholesale advice clients be treated differently under PI?

Wholesale clients should have the financial capability and knowledge necessary to rely on professional indemnity insurance rather than accessing the proposed new compensa...

Policy & Regulation

Obtaining PI not a big problem claims ASIC

The Australian Securities and Investments Commission is arguing that obtaining professional indemnity insurance is not as big a problem for financial planning licensees a...

Financial planning

Will the cost of PI drive advice firm consolidation?

A West Australian financial planning firm given 10 weeks to find professional indemnity insurance may be just the tip of the iceberg as firms struggle to find affordable ...

Financial planning

ASIC suspends financial planning practice license for lack of PI

The Australian Securities and Investments Commission has given a Perth financial planning business 10 weeks to obtain professional indemnity insurance....

Financial planning

Unrestrained regulation and costs are driving advisers out of business

The Financial Planning Association wants the Government to commission the Australian Securities and Investments Commission to monitor the escalating costs of practicing a...

Policy & Regulation

PI ‘not worth the paper it’s written on’

The Federal Treasury has received yet more warnings that before it embarks on a compensation scheme of last resort it should fix professional indemnity insurance in circu...

Financial planning

FSC canvasses capital requirements for advice licensees

The Financial Services Council has canvassed the imposition of capital requirements on advice licensees as part of any compensation scheme of last resort at the same time...

Financial planning

Will last resort compensation change PI?

The Government has taken the first step towards imposing a compensation scheme of last resort on the financial advice sector, raising key questions about the future relev...

Financial planning

PI insurance run-off period cut

Advisers looking to buy portfolios will have to find other ways to manage their financial risk of recovery following the hardening of PI insurance run-off period after th...

Financial planning

AFSL applicants need to act fast on PI cover

With the Royal Commission resulting in a tougher insurance market, organisations looking to get professional indemnity cover should act quickly to ensure they’re not left...

Financial planning

Gaps remain in advisers’ PI policies

Hundreds of advice firms may not have PI policies that meet ASIC’s RG126 requirements, a report reveals....

Financial planning

Cautious insurers will keep PI costs high

Professional indemnity insurance for financial planners will not fall in price as insurers remain cautious about the advice and wealth management sectors...