Nearly half of advisers could exit DB market in 12 months - Royal London and LCP

PII driving market

Hannah Godfrey
clock • 2 min read

Nearly half of financial advisers currently operating in the defined benefit (DB) transfer market could exit by this time next year, with issues surrounding PI insurance appearing to be the main driver of change, research has found.

A joint research paper by Royal London and pension consultancy Lane Clark & Peacock surveyed more than 750 individuals working at adviser firms. Almost three-quarters (71%) of those had given DB transfer advice in the last three years. A third (35%) of respondents said they were unsure if they would be operating in the DB market in 12 months, while a further 8% planned to exit. Market exits The research paper asked respondents who had exited the market what caused them to leave. Of those, 82% cited issues with professional indemnity (PI) insurance as a reason they had stopped carryi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The five-minute complaint and the five-day investigation

The five-minute complaint and the five-day investigation

GSI Group CEO on complaints, AI and the latest set of FOS reforms

Mark Buck
clock 12 August 2026 • 5 min read
Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin: The advice gap - an embarrassment of riches?

Andrew Goodwin
clock 12 August 2026 • 4 min read
New Talent Alliance launches financial advice careers guide

New Talent Alliance launches financial advice careers guide

Designed to attract new entrants into the profession

Sophia Panayi
clock 11 August 2026 • 2 min read