IFAs report 76% PII premium hikes as consumers struggle to access DB transfer advice

‘Profound impact on market’

Jenna Brown
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Keith Richards: "The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market."
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Keith Richards: "The regulator is open to discussion and does acknowledge the issues on consumer access and the long-term viability of the advice market."

Consumer access to government-mandated financial advice on defined benefit (DB) transfers is being severely curtailed as rocketing professional indemnity insurance (PII) premiums continue to shrink the market, Keith Richards has said.

The Personal Finance Society (PFS) chief executive said access to pensions freedom was being stifled as the DB transfer advice market contracts and PII was having a "profound impact". His comments come...

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