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 as a PFS survey of 1,049 members in February found the vast majority (95%) said the price they paid for PII had increased over the past five years - with almost a quarter reporting hikes of 76% on their premiums. Two-thirds of financial advisers surveyed said the cost of PII has increased by more than 25% in the last five years, with one-quarter reporting premiums were more than 76% mor...
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