PA360: 'Big chance PI for DB transfers will disappear'

Unsuitable assumption to blame

Hannah Godfrey
clock • 1 min read

There is a "big chance" professional indemnity (PI) insurance for advising on defined benefit (DB) transfers will disappear, Nigel Chambers told delegates at the inaugural PA360 conference last week.

Speaking at a panel discussion on DB transfers on 24 April, the CTC Software co-founder and managing director (pictured) told the room the odds were that PI insurance on DB transfers would soon be a thing of the past. "There is a big chance PI will disappear and then what do you do?" he said. "Fall back on the Financial Services Compensation Scheme?" Rising DB transfer claims push 2018/19 FSCS levy to £407m Parkin Consulting pensions and retirement consultant Richard Parkin, who also spoke on the panel, said the Financial Conduct Authority's (FCA) decision not to scrap the unsuitab...

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