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

Budget tax-free cash rumour aftermath: 'Our job is to dampen panic, not monetise it'

Budget tax-free cash rumour aftermath: 'Our job is to dampen panic, not monetise it'

Advisers reveal how much damage the speculation caused

Isabel Baxter
clock 02 December 2025 • 4 min read
How do we ensure that consumers actually trust targeted support?

How do we ensure that consumers actually trust targeted support?

'It's about getting the economics right – and then communicating with radical candour'

Tim Hogg
clock 02 December 2025 • 4 min read
OBR chair Richard Hughes resigns following premature Budget report release

OBR chair Richard Hughes resigns following premature Budget report release

Hughes led the OBR for five years

Sahar Nazir
clock 02 December 2025 • 1 min read