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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.”

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