On 23 October 2014, the CBI issued a press release which emphasises its continued focus on the importance of professional indemnity insurance (PII) for consumer protection. The CBI recently entered into settlement agreements with a number of insurance intermediaries for failure to hold PII. The failures were detected through themed inspections. In its press release, the CBI commented that this is the third year in a row that sanctions have been imposed on insurance intermediaries for this specific failure.