There is no doubt that advisers are continuously finding the pressure of professional indemnity (PI) renewal a problem as prices rise and confidence steadily sinks. Here Sophie King talks to one firm that has successfully renewed its full PI cover with DB transfers proving no barrier...
Leabold Financial Management, based in South Wales, has recently achieved full renewal of its PI insurance, despite completing 70 defined benefit (DB) transfers, which has proven to be an obstacle for other firms seeking cover. Research conducted by PIMFA found the majority (83%) of financial advice business owners and wealth management chief executives do not have confidence in their ability to secure affordable PI insurance in the future. A little more than half (56%) of the 84 respondents reported their professional indemnity (PI) insurance contained significant restrictions, includin...
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