Insurance provider rolls out platform offering PII for advisers
To empower firms to better evidence their individual risk resulting in fair and stable premiums
PI Insurance
-
-
FCA urges prompt action from British Steel PI insurers
To ensure the redress scheme ‘runs as smoothly as possible’
-
Forthplus Pensions calls in the administrators
Inability to renew or extend professional indemnity insurance cited among reasons
-
Forthplus Sipp remains shuttered
As it is forced to cancel pension transfers currently in progress
-
Forthplus to temporarily shutter its International Sipp
The firm was unable to renew or secure professional indemnity insurance
-
Should more MPS providers work on ‘reliance on others’ basis?
Potential legal and PI cover benefits for advisers compared with the traditional ‘agent as client’ approach
-
PI costs take heaviest toll on small firms
Advisers regularly report that premiums ‘have become prohibitive’
-
Shrinking DB transfer market worries advisers
But could a smaller sector be a good thing? Or should pension freedoms just be scrapped altogether?
-
Advisers worried higher levies will hurt clients
And impact their profitability as current climate is seen as unsustainable
-
Does the tax advice sector need mandatory PI insurance?
Standards are ‘typically high’ but ‘issues can arise within a minority of mainly smaller firms’
-
Advisers left ‘vulnerable’ by lack of PI cover for EU clients
‘It is disturbingly clear that for many this will be detrimental to their business’
-
40% of advisers forced to hike DB transfer fees
‘Access to affordable pension transfer advice is likely to get far worse for consumers’