IFA support group Tenet is offering its member advisers access to permanent professional indemnity insurance (PII) in what the group said was the first commercial deal of its kind.
Aimed primarily at advisers planning to retire or sell their business, the cover will be billed as a one-off fee for the life of an adviser's business, rather than an annually renewable contract. The group has struck the deal with one of its subsidiaries, Paragon Insurance. From October, advisers who leave the network will be able to pay a lump sum premium in return for guaranteed indefinite cover, mitigating the absence of a long-stop in financial services. Group distribution and development director, Keith Richards, said that, on average, the payment would be the equivalent of tw...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
