Chris Davies looks at the PII perfect storm currently battering the advice market. He says the use of technology, practical business management techniques and soft skills expertise can provide shelter
The perfect storm for stemming professional development within the financial advice industry is in full effect. Three ingredients - the increase in the Financial Ombudsman's compensation limit from £150,000 to £350,000; a hard professional indemnity insurance (PII) market driven by defined benefit transfers; and the December 2019 interim levy from the Financial Services Compensation Scheme (FSCS) - have created a toxic mix. Many firms are lacking confidence in their ability to reinvest in their business and people development. The Financial Conduct Authority's (FCA) 2019 PII survey...
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