DB transfer advisers face 'substantial' PI premium hikes

QPI, part of the PIB Group, urged advisory firms to take action to ensure they give themselves the best chance of securing compliant cover ahead of their next PI insurance renewal date. Development executive Hayley Dawson said: "We're witnessing a substantial hike in premiums. We've seen doubling, and in some cases tripling in the amount IFAs were paying the previous year. We've recently seen one firm whose premium rose from £16,000 to £70,000. "IFAs with defined benefit (DB) transfer business exposure can expect to pay between 2% and 3% of their turnover for their PI premium at next ...