Slowly shutting the door on pension freedoms?
It is becoming harder and harder to find firms ready, willing and able to provide transfer advice
PI Insurance
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Advisers continue exodus from DB transfer market
As over 190 firms gave up permissions in the last three months
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Advisers have no ‘risk appetite’ to carry out DB transfers
With nearly half considering leaving the space within a year
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Advisers forked out £110m on PI insurance in 2019
Average premium across the industry was £24,079
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UK regulator to quiz advice firms on DB transfers again
Questionnaire will be sent out to around 2,000 businesses
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What questions should advisers ask their network?
Impact of recent regulations and Brexit are going to change the rules of the game
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Ease PI burden on advisers, PFS urges
It has also asked the UK taxman to consider ‘acting as reinsurer of last resort for cover’
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Sharp drop in number of DB pension transfer advisers
Some 17% said they used to provide advice but have stopped doing so
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Nearly half of UK advice firms will need to furlough staff
As 14% claim their business will go bust without access to funding
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FCA lays down law over PI cover during pandemic
It will consider ‘taking action’ where it sees evidence renewal process is being affected
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2019 was a good year for UK advisers
Despite regulatory burdens and increasing costs
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PI premiums are back with a vengeance
One advice firm saw its 2020 cover rise by 400% despite no claims or DB transfers