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NCG extends preferential PI terms to non-Bankhall firms

IFAs no longer have to be Bankhall members to benefit from preferential PI terms offered by NCG Professional Risks.

The commercial insurance broker, which specialises in professional indemnity cover for financial services businesses, says it is removing the restriction on its preferential terms which can save IFAs as much as 10 per cent on their PI costs.

NCG says the changing terms reflect the growing number of compliance management options available in today’s market.

Joint managing director Neill Cotton says Bankhall used to be seen as the only real compliance management option open to retail financial services businesses but the market is now more competitive.

He says IFAs are now offered increased choice and flexibility of insurer, without detriment to their PI terms and conditions.

Joint managing director Jamie Newell says: “We have supported Bankhall for some time. This arrangement has been reviewed and it is no longer considered appropriate to place a restriction, such as being a Bankhall member, on clients in order for them to access preferred PI terms. Firms will now have to demonstrate robust systems and controls or have engaged the services of a support provider who has a track record of delivering at an appropriate standard.”

Bankhall chief executive Peter Mann says: “There is a much softer market for PI now but it is a cyclical business and I would urge advisers to remember times when it was hard to get PI and who supported them then.”

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