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IFAs back PI mutual but don&#39t want set-up costs

Most IFAs support industrywide mutuals providing professional indemnity insurance even if premiums were no cheaper than those currently available, says an FSA survey.

But although 59 per cent say they would support a mutual scheme, 47 per cent would not be willing to contribute to set-up costs and 69 per cent say they would not join if there was a risk they would have to foot the bill if things went wrong.

Eighty-three per cent say the problems in the PI market are systemic ones which need radical action, with 57 per cent believing insurers and underwriters are looking to quit the market.

Forty-four per cent of IFAs say their PI premiums more than doubled the last time that they renewed cover and 77 per cent said they have not had a non-pension review claim against them in the last three years.

The findings are part of a survey of IFAs attending the FSA&#39s IFA PI roadshows during February and March. In total, 308 of the 395 attendees who answered the surveys at the roadshows were IFAs.

Helmgodfrey managing director Bruce Wilson says: “IFAs are so desperate to get cover that they would turn to a mutual as a means of last resort. But we are in the financial advising business, not the insurance business, which we would be if we joined a mutual insurer.”


UK savers walking away from £11.4bn a year says NS&I

People who have moved home in the last 12 months have potentially lost touch with an average of £16,000 in savings or investments according to National Savings & Investments. The Treasury-backed provider says one in seven people who changed addresses in the last year didn&#39t tell their financial provider their new address and have lost […]

Wig starts new search for Woman of the Year

The Women&#39s IFA Group is again embarking on its search for the Female IFA Of The Year.It says that in a predominantly male industry, the award sets out to demonstrate the success of women.Sponsored by Scottish Equitable, Wig launched the second annual award on May 20. Entrants can nominate themselves or their names are put […]

Independent view

Do you ever get days when you just want to scream “I don&#39t deserve this”?I still cannot understand why this industry of ours remains so adept at shooting itself in the foot with a consistent accuracy worthy of a Special Forces marksman.For years now, we IFAs have been whispering the mantra clients come first. IFAs […]

Correspondent&#39s week

Working from home on Monday and have the day nicely mapped out until a rash of calls from consumer press journalists on the new ING Direct savings account seeking opinion.ING has launched a new savings account with the best AER on an easy access account.As a result, I liaise with Lansons, our PR agency, to […]

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Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.


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