Tenet is offering former advisers run-off cover through a new scheme, giving them the same protection levels as current clients with professional indemnity insurance.
The service is being provided through the company's subsidiary, Paragon Insurance, and could help to protect former advisers exposed to retrospective claims. Keith Richards, distribution and development director at Tenet, says: "Historically, sourcing satisfactory cover has been notoriously hard to find and often prohibitively expensive. We aim to change all that." The cost of the run-off cover will depend on the length of membership with Tenet and the revenues earned while the advisers were still active. "If an IFA has had problems obtaining run-off cover or has no adequate capita...
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