PI insurer zones in on DB transfers with lengthy questionnaire

DB transfers 'flavour of the month'

Hannah Godfrey
clock • 2 min read

Professional Indemnity (PI) insurers are keeping a close eye on financial advisers undertaking defined benefit (DB) transfers by asking them to complete a supplementary questionnaire as part of their renewal process.

The PI market has been questioning advisers extensively on their pension transfer business. Informed Choice managing director and Chartered financial planner Martin Bamford received a supplementary questionnaire on DB transfers from his insurer Markel International when renewing his PI insurance.   The questionnaire asked for details of each transfer case since pension freedoms in April 2015, including the risk level of the client and reasons for recommending a transfer. Bamford was also asked to provide information about the number of cases where Informed Choice recommended a clie...

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