Following a survey carried out by insurer AIG companies and organisations have identified how they are more concerned about the regulatory environment their businesses are now susceptible to. However this is not translating to how they feel with the potential exposure to their own management liability with 24% surveyed saying they think their assets are very or fairly exposed compared to 20% in 2012. Conversely 63% feel their assets are not exposed now compared to 57% in 2012. If we take our own regulatory body the Financial Services Authority handed out £312 million of fines in 2012 and then it’s successor the Financial Conduct Authority broke this record with £474 million of fines in 2013. This is a trend of increasing fines and costs which will continue and other bodies and prosecutors will look at the roles of individual directors and officers for accountability, resulting in personal costs being levied against management teams. Should you be a limited company and to protect the potential personal financial exposure of your management team seek Directors and Officers cover today and if you already have this in place check the limits you have in place.
Posted on: Thu, 19 Jun 2014 09:14:42 +0000
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