The FCA have today reminded firms of the importance of keeping PI insurers updated about any claims/potential claims being made against you. This duty applies to all claims, not just claims around DB transfers and a failure to comply with this duty often results in a lack of PI coverage.
In this article, my colleague Terence Dickens gives some practical guidance on how and when to make disclosures to PI insurers.
We [the FCA] remind all regulated advice firms that we expect them to keep their Personal Indemnity Insurance (PII) provider updated about any claims that are being made. Firms are responsible for ensuring that they adhere to the terms and conditions of their PII agreement.