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 the flexibility to access cheaper cover. There has been a ‘hard' PI market for several years now and the latest FCA data shows this trend is continuing. The watchdog's data shows in the 12 months to July 2021, financial adviser firms paid £119m in annualised PII premiums, up from £110m the year before. The market may be hard, but there is good news behind these figures, according t...
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