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PFS to publish PI buyer’s guide

Fay Goddard 480 Alt

The Personal Finance Society is working on a professional indemnity insurance buyer’s guide with Howden Insurance Brokers, which will be published next year.

Howden is attending PFS regional roadshows over the coming weeks to hear advisers’ concerns about the PII market and what areas they think underwriters should be considering when setting premiums. This feedback will then be incorporated into the buyer’s guide.

The guide will be free to PFS members.

PFS chief executive Fay Goddard says: “PI cover is mainly bought on price and that is perhaps not the best basis. Advisers are very sceptical that some PI insurance is not worth the paper it is written on.

“There are some good policies available, but we need absolute clarity over clauses and exclusions and an ability to compare policies.”

Facts & Figures Financial Planners managing director Simon Webster says: “This is a useful initiative, as PI insurance is not an area most advisers have much expertise in.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The idiot at the PFS that decided to use Howden Insurance Brokers to create a guide for IFA’s should be sacked!

    Howden, formally PYV (remember them???), were the ones that were flogging the extremely cheap and useless PI cover that Quinn were offering, which was absolutely riddled with exclusions and completely sold on price. This was done with full knowledge that Quinn were having serious problems and all because the Broker’s were offered a lot more commission by Quinn. By the way, this was not the first occasion PYV/Howden had done this.

    The only group this pathetic attempt at a guide will benefit is Howden’s. IFA’s will continue to suffer.

  2. PI insurance is a useless waste of money.
    We just need it to stay in business.
    At least that makes it more valuable than a subscription to the pfs
    How does ms Goddard know it is mainly bought on price?

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