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

Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read
CISI welcomes 76 Certified financial planners

CISI welcomes 76 Certified financial planners

Number of UK CFP professionals continues to rise

Sophia Panayi
clock 24 March 2026 • 1 min read