There are also wider uncertainties within the advice market, including the provision of Professional Indemnity Insurance (PII). PIMFA told us that the availability of PII has become severely limited because insurers are struggling to accurately predict the risk of 58 C&AG’s Report, para 9, 2.5 59 Qq 83, 86 (27 April) 60 Written evidence submitted by PIMFA dated April 2022 61 Q 1 (27 April) 62 Letter from FCA to Committee dated 18 May 2022; Q 12 (13 June) 63 Q 52 (27 April) 64 Qq 39, 52 (27 Ap...

There are also wider uncertainties within the advice market, including the provision of Professional Indemnity Insurance (PII). PIMFA told us that the availability of PII has become severely limited because insurers are struggling to accurately predict the risk of 58 C&AG’s Report, para 9, 2.5 59 Qq 83, 86 (27 April) 60 Written evidence submitted by PIMFA dated April 2022 61 Q 1 (27 April) 62 Letter from FCA to Committee dated 18 May 2022; Q 12 (13 June) 63 Q 52 (27 April) 64 Qq 39, 52 (27 April); Q 17 (13 June) 65 For example written evidence submitted by British Steel Adviser Group, dated April 2022, written evidence submitted by Burley Fin Type: conclusion | Number: 21 | Response status: not_addressed Government response: The FCA, FOS and FSCS will write to the committee on 21 January 2023 to explain what they are doing to manage risks in the redress system for financial service.