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Bankhall switches PI providers

Bankhall is switching professional indemnity provider from NCG to PYV although advisers will not be forced to change.

It says it reviewed its PI requirements following the closure of network Investment Strategies Limited and changes to its business strategy.

Bankhall chief executive Peter Mann says although there is no obligation, he expects a high proportion of members to switch their policies because the firm has used its scale to negotiate discounted rates.

Mann says a due-diligence analysis of the market showed PYV to be a stronger provider of PI than its former supplier, NCG, which recently removed Bankhall’s exclusive access to its preferential terms. The newly agreed terms will be announced at the 12 forthcoming roadshows, starting in Belfast and taking place from February 14 to 28.

NCG is now offering PI to IFA support services provider threesixty’s members.

Mann says: “The policy becomes effective on January 14, the day before our renewal is due. We will be sending correspondence to members over the next 10 days and showcasing the new terms at the roadshows which are starting next month.”

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