Solution offered to running the PI Gauntlet

Created by The Gauntlet Club, this alternative to traditional PI cover has already attracted 300 members because the first half of premiums are used to cover the IFA client’s claims and another portion set aside into a general fund. Annual premiums paid into the club are divided into three portions: 50% goes into a segregated IFA account which is then used to pay any mis-selling claims; 25% goes into a common IFA fund which is then used by advisers to settle any claims when their own account is empty, and 25% goes to cover the cost of reinsurance and administration. IFAs wishing to jo...