Legal protection company DAS has expressed support for the FSA's decision to ban insurance against regulatory fines, despite recently introducing legal expenses cover for Biba brokers facing FSA investigations.
DAS sales and marketing manager Ray Kneeshaw said: "The Biba members' regulatory and employment protection policy is a risk management tool based on our highly successful employment practices protection product.
"It reflects the latest thinking on commercial legal protection in its three guises, and promotes the Biba strategy of both prevention and cure.
"It is perfectly correct to offer legal representation and cover for legal costs over compliance issues in just the same way as brokers are covered for employment or other business disputes.
"The Biba policy does not cover possible fines and we fully endorse the FSA announcement that it would be inappropriate to remove the incentive to comply by doing so."
