According to a recent survey, hedge fund managers are increasingly seeking professional indemnity insurance cover to protect themselves against the risk of being sued if they fail to deliver the returns promised to their clients. In 2010, 64% took out professional indemnity insurance. This year it’s up to 82%.
What’s driving this desire for the protection of PII? One of th » read more
Architects interested in bidding for a £55m office project in Manchester have reacted angrily to a Pre-Qualification Questionnaire requirement for a minimum of £15m professional indemnity insurance cover just to bid for the scheme. Indeed, at least one serious contender has dropped out of the running before even bidding because its current PII cover of £10m was insufficient.
In an opinion piece on moneymarketing.com, the view is expressed very clearly that nobody should have been surprised by the fate of Honister Capital – i.e. its decision to go into administration. As the article points out, the warning signs were there in the rising cost of the firm’s professional indemnity insurance.
Last year, Honister reported that it had made a £3m prov » read more
An article posted on bridgingandcommercialdistributor.co.uk quotes a number of representatives of the valuation industry who leave the reader in no doubt that in their opinion lenders and brokers should only ever use valuers who are members of the Royal Institute of Chartered Surveyors (RICS). And one of the key reasons they cite for holding that opinion is the fact that RICS members must all hold » read more
What some have described as an ‘explosion’ in regulatory requirements placed on IFAs and the resultant costs involved in complying with those regulations – including the transition to a post-RDR environment - are putting a serious strain on the IFA network business model according to industry figures quoted in a recent report on ifaonline.co.uk.
Following the controversy generated by the news that up to 2000 staff within the public sector were claiming self-employed status, HMRC has developed a series of illustrative tests to determine whether the IR35 rule should apply in specific cases. Still subject to consultation, each of the tests scores a certain number of points which can then be aggregated to assess whether an individual is reall » read more
