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FSA consultation paper to adjust the PII minimum indemnity limits

The FSA have produced a consultation paper to adjust the PII minimum indemnity limits in line with movements in the European Index of Consumer Prices (EICP) as required by IMD.

The IMD requires the limits to be reviewed every 5 years. EICP has increased 12.02% over 5 years since IMD came into force so the new PII limits for IMD Mortgage/Insurance Intermediaries/Investment Firms is:

Single claim 1,120,200 Euros (currently 1m Euros)

Aggregate claim 1,680,300 Euros (currently 1.5m Euros)

The changes will come into effect on 1st March 2009.