Advisers forked out £110m on PI insurance in 2019
Average premium across the industry was £24,079
Average premium across the industry was £24,079
It will consider ‘taking action’ where it sees evidence renewal process is being affected
Pimfa warns move could widen the advice gap and act as a barrier to entry for smaller IFAs
The scale of the burden of rising professional indemnity insurance (PII) premiums has been revealed in a new section of the UK regulator’s data bulletin.
Professional indemnity (PI) insurers are doing more than the Financial Conduct Authority to make the lives of IFAs providing defined benefit (DB) pension transfer advice difficult.
UK pension transfer specialist O&M Pension Advice will cease advising clients from 1 July after it ran into “unexpected difficulties” with its professional indemnity (PI) insurer, a problem that is becoming more common in the advice market.
Financial advisers from across the globe are reporting difficulty in renewing or purchasing professional indemnity insurance, an affliction UK advisers have experienced for some time.