FAIS Notice on PI Cover

The FSB’s FAIS Notice 110 of 2017, published on 17 August 2017, drew the following query from a reader:

Pray old wise guru of all matters regulatory, for whom art this proclamation?

I chose to ignore the reference to “old” from someone who is a full 4 months and 5 days older than me.

This notice is merely an extension of the exemption granted in 2012 to licence holders in Category 1.1 and 1.19 ONLY from having to obtain PI cover and/or Fidelity Cover. This BN was due to expire on 21 August 2017.

An alert colleague made enquiries about this some two months ago.

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