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Hips could eat up the PI

Advisers who offer home information packs could be exposed to liabilities due to insufficient professional indemnity cover, warns PYV chief executive Neil Pointon.

Pointon says brokers offering Hips to clients to secure new business will not be covered for mistakes in the packs by their existing PI policy.

He says: “If advisers do get involved with Hips, then standard policies will not cover them for the actions of a poorly trained home inspector.”

Any mistakes in the pack, such as the failure of a home inspector to spot a major defect in the property, could lead to complaints against the advi- ser as the first point of contact.

PYV is in negotiations with the Office of the Deputy Prime Minister to become one of its preferred providers of PI insurer and is developing tailored PI cover.

The industry has expressed concerns about the lack of training for home inspectors. John Charcol technical director Ray Boulger points out that some courses for home inspectors only last nine mon-ths, compared with at least five years to become a chartered surveyor.

Boulger adds: “If I were a PI insurer, I would be very ner- vous about covering firms which use a lot of home insp- ectors which are not also required to use chartered sur- veyors. They should have to pay higher premiums.”


Gareth Marr steps down as ceo of Origen

Gareth Marr is stepping down as chief executive officer of Origen.Having recovered from cancer last year and re-evaluating his personal priorities, Marr has decided to leave the Aegon-owned IFA.Origen was formed last year from the merger of five IFA businesses of which Marr’s A & B consulting was one.

IFAP survey paints bleak picture of singletons’ security

One in ten UK singletons are out of control of their finances while over half of UK adults refuse to cut back on spending to save more for retirement, says new research from IFA Promotions.The research, which included a survey of 2,000 UK adults conducted during October 2005, suggests UK singletons could be fuelling the […]

SWIP ditches head of international equities

Scottish Widows Investment Partnership has sacked head of international equities Tim Scholefield, who oversaw funds worth 6.8bn.Emerging markets head Kim Catechis enjoys an effective promotion as a result of the move. The firm is thought to be disappointed with the performance of its international operations, particularly in its global equities funds. Scholefield has lagged behind […]


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