IPRU-INV 2.3 PROFESSIONAL INDEMNITY INSURANCE

A firm must effect and maintain at all times adequate professional indemnity insurance cover for all the business activities which it carries on, or for which it is responsible.

In assessing the adequacy of a firms' professional indemnity insurance cover for the purposes of IPRU-INV 2.3.1R, the FCA may have regard to a firm's compliance with the professional indemnity insurance requirements of its designated professional body in force at the time.