Smaller financial adviser firms paid in excess of three times more in professional indemnity insurance (PII) premiums as a percentage of regulated revenue than their larger counterparts in 2019, the latest data from the Financial Conduct Authority (FCA) has revealed.
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...
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