HC Deb 27 January 2003 vol 398 c609W
Mr. Chope

To ask the Chancellor of the Exchequer if he will relax the requirement on small independent financial advisers with a good claims record to obtain professional indemnity insurance; and if he will make a statement. [93354]

Ruth Kelly

This is a matter for the Financial Services Authority (the FSA). The requirement for independent financial adviser firms to have professional indemnity insurance is contained in their rules.

The FSA is aware of the difficulties facing such firms and will be publishing a consultation document shortly.