RMAR SECTION E PII
Continuing the FSA theme of improving information on RMAR completion the most recent guide relates to Section E Professional Indemnity Insurance. Although this is not a complicated section to complete its one that advisers seem to get confused with. The FSA state your Firm must take out and maintain compliant PII at all times and this is one of the minimum standards for your firm's ongoing authorisation. Part E asks for details of your PII cover to ensure you hold cover that meets the FSA's requirements and as a record of the renewal date of your policy. 1. The question is If the firm does not hold a comparable guarantee or equivalent cover and is not exempt, does the firm currently hold PII? If your firm has PII please answer 'Yes'. 2. The next question asks Has the firm renewed its PII cover since the last reporting date? If you renewed your firm's PII in the last reporting period, answer Yes this will allow you to complete part E with details of your firm's cover. If you have not renewed your firm's PII, answer No. Assuming your firm's PII policy lasts for a period of 12 months, we would expect you to answer yes to this question on every other return. This will allow you to provide full PII details whenever you renew your firm's policy.
