04 Dec 2017
Professionals can contribute to the consultation as part of RICS’ review of its professional indemnity insurance (PII) run-off policy in the UK.
PII is vital for members seeking to close down their firm. Liabilities don’t end when a firm does, and it’s important that firms have adequate and appropriate run-off insurance in place to cover this scenario. This is especially relevant for professionals seeking to retire.
RICS is reviewing its Professional indemnity insurance (PII) run-off policy in the UK. Professionals can contribute to the consultation by visiting the consultation website.
The current policy has been in place since 2011, and the UK and Ireland Regulatory Sub-board have requested that the approach be reviewed, in the context of changing economic conditions and demographics in the profession, to ensure consumers are appropriately protected.
The review comprises of two key focus areas:
- to ensure that private consumers are adequately protected by our current policy.
- to enable regulated firms to close down by being able to obtain the run-off cover they require in the market.
This consultation is an essential component of our policy development process to collect information and to ensure that the impacts of any policy change have been assessed. This will help us develop evidence based policy that is proportionate to the problems it is intended to address.
Responses will be considered up until midnight of 8 January 2018.
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