View more on these topics

Bankhall agrees &#39most competitive PI terms on the market&#39 for members

Bankhall has agreed terms for PI cover with broker NCG Professional Risks which it says will be the most competitive on the market.

Bankhall says in a quote for a four-RI IFA firm, the new cover cut premiums from £18,375 plus 5 per cent insurance premium tax last year to £15,250 plus 5 per cent IPT for the year from September.

The excess was down from £36,500 to £20,000 for investment-related business and £10,000 for non-investment-related activities such as mortgages and protection. The limit on cover rose from £1m to £1.2m.

In total, Bankhall market tested the new arrangement with three IFAs, a £100,000 turnover start-up, a £350,000 turnover firm with a pension bias and a £800,000 firm with an investment bias and says it found savings of between 25 and 40 per cent on cover.

The IFA service provider says its broker will determine premiums based on the qual-ity of business done by an IFA rather than on the quantity.

Bankhall group sales director Shaun Godfrey says: “Our compliance support is the best in the business and our PI pro-vider has recognised the fact. This has enabled us to negotiate big discounts via NCG.”

NCG joint managing director Neill Cotton says: “If we can be confident that Bankhall member firms are receiving best of breed compliance support, the risk of a claim from them is significantly reduced.”

Recommended

Get into training

I recently visited some clients to discuss options for constructing a broadly-based portfolio of investments for mediumto long-term growth but, eventually, for income. Their risk profiles ranged from two to nine on our notional scale of one to 10, so I thought it might be appropriate to consider a with-profits bond for some of the […]

Gartmore appoints head of pooled products

Gartmore is appointing former JP Morgan Fleming European product development vice president Kevin Scollan as head of pooled products. Scollan will be starting the newly created position on September 6 and will be responsible for enhancement of product strategies within the UK and Europe market place. Gartmore head of commercial development David Middleton says: “Our […]

Harry Katz

Harry Katz feels like a newcomer to financial services even though next year marks his 20th anniversary as an IFA but he is the first to admit that times have changed. He had a very different life before financial services. In 1968 he set up a plastics factory in Darwen in the North-west, which he […]

Old Mutual Asset Management – Old Mutual Dynamic Bond Fund

Type: Unit trust Aim: Income and growth by investing in fixed-interest securities Minimum investment: Lump sum £1,000, monthly £250 Investment split: 100% in fixed-interest securities Isa link: Yes Pep transfers: Yes: Charges: Initial 3.5%, annual 1.25% Commission: Initial up to 3%, renewal up to 0.5% Tel: 0808 100 2715

Risk-free path to pensions is a myth

Robin Geffen, Fund Manager and CEO Are you taking enough risk? Robin Geffen, Founder of Neptune and Manager of the top performing Global Alpha Fund, discusses the importance of accepting enough volatility in planning for retirement. Click here to read the full article Important information Investment risks The value of an investment and any income from […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment