View more on these topics

PFS members won’t get preferential PI

Personal Finance Society members will not benefit from lower professional indemnity cover rates with broker NCG despite PFS claims of a partnership with the insurer to provide favourable terms.

NCG joint managing director Neil Cotton says although the firm has worked with the PFS, there is no contractual arrangement and no preferential underwriting for members compared with non-members with similar qualifications and work background.

In November, the PFS issued a pre-launch statement saying that from January 1, NCG would “take into account the fact that they belong to the PFS when assessing risk profile”.

But Cotton says although the firm takes into account qualifications, compliance, a proven track record and education programmes, it does not offer better premiums on grounds of PFS membership.

PFS public affairs director John Ellis says previous statements were only making people aware of NCG and promoting the good work that has gone on between the two organisations which will benefit everyone, regardless of membership.

Ellis says: “My understanding is that there is some sort of benefit for our members and we will have to speak with NCG to clarify our arrangements.”

Cotton says: “There are many ways for a firm to make themselves attractive to underwriters but being a PFS member does not mean that you will benefit from lower costs.”

Recommended

Correspondent’s Week

Cold mornings, arctic temperatures and a flurry of snow can only mean one thing – it is time to train for the marathon once again.

Strong IFA sales boost Axa UK business

Axa UK reported a 145m increase in adjusted earning and revenues up by 5 per cent in its preliminary results for 2004. Total revenues stand at 37.3bn for 2004 with IFAs bringing 82 per cent of new business in 2004 to Axa UK. Life and savings business revenues increased 8 per cent to 4.28bn in […]

It’s a sporting life for HNW investors

English sporting painting, 20th Century furniture and modern European painting have seen surges in value, according to the Zurich-AMR art and antiques index.

Club together on mortgages

It is with considerable interest that we have been following the various articles and comments made by a variety of industry commentators in relationship to lenders and the role of mortgage clubs.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com