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Davy says PI capacity is growing

Simply Biz founder Ken Davy has moved to assure firms looking to sign

up with the IFA support services provider that it will be able to

offer them professional indemnity cover.

In a letter sent to 240 prospective members, Davy, who also founded

DBS, reassures them “that more capacity is returning to the PI

market” and he is confident that cover can be provided.

He says the group is helping 50 members to get PI prior to FSA

authorisation but has not yet been able to provide a completion date

for a block PI policy. The group aimed to recruit 350 firms by the

end of the year but has acknowledged this may be adjusted if the PI

problem continues.

The letter says: “We are conscious that a number of IFAs would like

to resign from their current network this month. You must, of course,

make your own judgement on this. However, my personal view, based on

the developments in the PI market, is that, assuming you are a normal

IFA risk, you may be confident that appropriate cover can be arranged

for you.”

Davy says: “We are making further progress and I am very encouraged

by it so far.”

Bankhall operations director Tony Murrell says: “I would be surprised

if the PI market has changed that much.”

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