Small adviser firms paying disproportionately high PI premiums - FCA data

Advice firms with revenue of less than £100,000 paid PII costs that averaged 4.4% of their regulated revenue, compared to 1.4% for advice giants with more than £10m revenues, the data showed. For small firms, the average PII premium per firm stood at £2,580, compared with nearly £1.4m for firms with more than £10m revenue. Typical revenues for small and larger firms were £58,557 and £76m respectively. Meanwhile, firms with revenues of between £101,000 and £500,000 paid PII costs of 2.8% of revenue, averaging £6,802 per firm, while firms with revenues of between £501,000 and £10m paid ...