The vast majority of advisers are facing stagnating or higher professional indemnity insurance (PII) costs this year, while only a small minority saw premium costs fall, according to research commissioned by the Association of Professional Financial Advisers (APFA).
The research, carried out for APFA by NMG Consulting, suggests 2014 saw nearly one in three advisers (31%) offered an increased PII premium, while 44% of advisers received the same premium as last year. Only 8% have been offered a reduced premium, APFA said, while higher premiums increased by 14% on average. The research polled 271 financial advisers between 4-14 March 2014. APFA director general Chris Hannant (pictured) said the findings further qualified the need for a longstop. He said: "These findings offer further evidence of a hardening insurance market for advisers, drive...
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