PI Insurance hikes spark exodus from DB transfer advice
More than 30 firms pull out in just three months
PFS chief executive Keith Richards expects the number of firms pulling out of DB transfer advice will increase further.
Advisers are continuing to leave the defined benefit (DB) transfer market in droves, with high professional indemnity (PI) premiums prompting more than 30 firms to back away from final salary transfer advice in just three months.
The Personal Finance Society (PFS) found more than 30 advice firms turned their backs on offering pensions transfer advice from October to December 2019 due to problems obtaining PI cover. Since the...
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