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Clerical and IFA Mentor linking up for PI service

Clerical Medical is setting up a professional indemnity consultancy service in association with independent business consultancy IFA Mentor to help advisers with their professional indemnity requirements.

The service is aimed particularly at advisers who have has difficulties in getting cover or who feel their current arrangements are inadequate given the introduction of the insurance mediation directive on January 15 which requires advisers to have 1m in PI cover.

Clerical and IFA Mentor will be offering intermediaries three types of PI service. Advisers can get a review of their current arrangements, with confirmation, if appropriate, that this reflects good practice and will lead to an acceptable outcome.

They will also be offered the opportunity of sourcing alternative and potentially better PI cover and terms and, if the adviser has no cover, he or she will be offered a review of current needs along with the identification of potential solutions and an action plan for securing cover.
The PI service is part of Advice Matters, Clerical’s intermediary support programme.

Head of intermediary strategic planning David Shelton says: “PII is one of the biggest issues facing advisers in 2005. Those who do not have adequate cover in place by mid-January may have to face the hard fact that they will not be able to continue trading, which could spell disaster for many firms.

“Through our new PII consultancy service, we can offer advisers access to IFA Mentor, a specialist firm which is up to date in the complex PII market. They provide fully impartial analysis along with solutions to, what can often be, a time-consuming and expensive problem.”

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