Premium pains: How adviser firms can try to lower PI costs

Including five tips

clock • 6 min read
In 2020/21 financial adviser firms paid £119m in annualised PII premiums, up from £110m the year before
Image:

In 2020/21 financial adviser firms paid £119m in annualised PII premiums, up from £110m the year before

Advisers are continuing to pay more for PI cover, making it harder to run their businesses cost-efficiently. But what – if anything – can be done to ease the pain?

Advisers must have PI cover in place, but this necessity is a controversy for many, with premiums becoming an expensive business cost in recent years. Reducing this is possible but a hard market has limited...

To continue reading this article...

Join Professional Adviser

 

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your Business

Nick Eatock: "Making best use of technology can help drive process efficiencies and improve the client’s engagement with their financial plan."

Nick Eatock: Using tech to drive efficiency and boost client engagement

Increasing customer engagement

Nick Eatock
clock 27 May 2022 • 4 min read
Getting talented people into advice businesses 'the biggest challenge'

Getting talented people into advice businesses 'the biggest challenge'

Watch eight-minute interview

Professional Adviser
clock 27 May 2022 • 1 min read
Scottish advice firm named in default by FSCS

Scottish advice firm named in default by FSCS

6 pension transfer claims

clock 27 May 2022 • 2 min read