Simply Biz has reached agreement with its main PII insurers, to increase the indemnity limits for all existing and new insured Member Firms at no additional cost. This means they will not be required to increase their capital adequacy in the event that they opt into MiFID.
Ken Davy, Chairman of Simply Biz, commented “A great many of firms we represent have clients who have either retired to places like France or Spain or who are currently working and living in Europe. In view of this it makes sense for them to register under MiFID so as to avoid any cross border complications. Simply Biz are obviously assisting Member Firms with this process. Increasing the PII limits at no increase in premium means their capital adequacy requirements can remain at current levels rather than being increased to MiFID requirements.”
Managing Director, Ian Thorneycroft, stated “We wanted to ensure that Member Firms could opt into MiFID with the minimum of fuss. The increase in the indemnity limits more than satisfies MiFID’s requirements and consequently makes this variation of permission a very simple process.”