PI cover up for 95% of advisers with pension transfer permissions

Harder to renew with permissions

Sophie King
clock • 2 min read

The cost of professional indemnity (PI) insurance cover has increased for almost 95% of advisers who are qualified to advise on pension transfers, research by the Chartered Insurance institute (CII) has found.

In its poll, which surveyed 94 financial advisers with regulatory permissions to advise on pension transfers, the CII found that nearly four-in-10 had seen the cost of their PI cover had increase by between 20% and 50% from the amount they paid a year ago. Meanwhile, a third (36%) stated the price they pay had gone up by more than 50%. Meanwhile, half of the advisers polled said they had to pass the extra costs onto their clients. Personal Finance Society chief executive Keith Richards said: "The hardening of the professional indemnity insurance market is impacting the availability of...

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

Friday Night Takeaway: It's the return of the banks

Friday Night Takeaway: It's the return of the banks

The news editor's Friday Night Takeaway from 10 July

Isabel Baxter
clock 10 July 2026 • 3 min read
Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

Carla Brown on PFS/CII relationship reset and how chartered status is 'essential'

PFS president and chair joins Professional Adviser in the studio

Professional Adviser
clock 10 July 2026 • 1 min read
FCA spotlights vulnerability in latest Consumer Duty review

FCA spotlights vulnerability in latest Consumer Duty review

Treatment of vulnerable clients still an area of improvement for firms

Sophia Panayi
clock 10 July 2026 • 2 min read