Ex-Tenet director Geoffrey Clarkson and broker Marsh UK are in talks about putting together a solution that would free advisers from their life long consumer complaint liabilities.
The project, which is currently in the idea development phase, is built around two alternative long stop ideas: a mutual model and a commercial model. The idea is that commercial insurers or re-insurers would insure legacy business, taking the burden off advisers' backs. A mutual approach would, in the most basic model, see the risk shared amongst the members of a group who pay a premium towards a group arrangement to cover the losses of other members. The project is currently assessing appetite for such solutions and how far firms are prepared to go in sharing information in order...
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
