I am one of three IFAs at Paragon Financial Consultants. We have all been in the industry for 25 years, 13 years as independents. We are directly regulated by the FSA. We have seen our market shrink year on year.
Our PI cover has, I admit, been low in comparison to other IFAs we know – £6,000 last year. However, we have now been asked for £13,300. How can this be?
To read that the good old EU is to force premiums up by a further 50 per cent is I fear the death knell for us. The amount of paperwork and regulation is so stifling and time-consuming that I am more officebound then ever and this affects not only my remuneration but time spent face to face with my clients.
IFA,Paragon Financial Consultants