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...

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