Draft amended Fiduciary Rules and draft amended Capital Adequacy Rules for fatal flaw comments

Overview

Background

In our December 2021 Consultation Paper on Professional Indemnity Insurance we asked for feedback on the proposed changes to requirements concerning professional indemnity insurance (“PII”) for the fiduciary and investment sectors, as set out in the Consultation Paper on Professional Indemnity Insurance Fiduciary and Investment Sectors (“CP”).

A feedback statement on the CP can be found at the link below. Alongside the feedback statement the Commission has issued final drafts of the relevant amended Rules wording, taking into account comments received during the consultation. A final eight-week consultation period is being offered to provide an opportunity to identify any “fatal flaws” in the draft amended Rules, after which amendments will be formally adopted. Copies of the draft amended Fiduciary Rules and Guidance, 2021 and draft amended Capital Adequacy Rules and Guidance, 2021 are available at the links below.