A Suffolk-based adviser was surprised to find he was not covered for current or historic DB transfer work after discovering "hidden clauses" in his professional indemnity (PI) insurance contract.
Nick Plumb's advice firm Plumb Financial Services carried out defined benefit (DB) transfer work for two and a half years. The firm's advice was insured with Collegiate and Plumb had become used to paying higher prices year-on-year, including at its most recent renewal when the cost of the insurance increased by some 30%. What he did not realise, however, was the firm was no longer covered for any DB transfer activity going forward - nor any transfers it had carried out historically. 'Big chance PI for DB transfers will disappear' - Nigel Chambers "[Collegiate] didn't bring it t...
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