Accountants would prefer to have a greater amount of guidance on the implications of Professional Indemnity (PI) insurance, it has been suggested.

Neil Franklin, associate with solicitor Bond Pearce, claims that many accountants would welcome an increase in the amount of information relating to specific aspects of PI cover.

Speaking to Post Magazine, Mr Franklin proposed that while PI is required for companies regulated by the Financial Services Authority, there is still a desire to understand the technicalities of the cover.

"Although it is mandatory, many firms are more concerned about litigation and want guidance on areas like the Companies Act," he told the publication.

Meanwhile, the article notes an increased uptake of PI and Directors' & Officers' insurance in regions such as Manchester, Leeds and Scotland.

However, the British Insurance Brokers' Association advises that products such as PI should be obtained through a specialist broker rather than a regional firm in order that they can get the necessary advice they require.