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PI pledge on cover in &#39problem&#39 areas

Magian Mutual, the newly FSA-authorised professional indemnity insurer, has pledged not to exclude IFAs simply because they have exposure to products such as mortgage endowments, split caps or structured products.

Speaking to Money Marketing after its authorisation last week, Magian Mutual director Glyn Morris says he will not turn down a firm just because it has sold certain types of products under FSA scrutiny.

He says it is much more relevant how long the firm has been in business, and the size and number of cases involved.

While reiterating that a strict underwriting process will be applied to firms looking for cover, Morris rejects the approach taken by other PI insurers.

Morris says: “It is a question of qual-ity. What we are looking for is quality and quality itself does not exclude any particular area of business.”

Alan Steel Asset Management managing director Alan Steel says: “If they are going to offer coverage on a sensible business they are going to have a monopoly on their hands. I find it strange though that it is prepared to not only take IFA business but do it without excluding firms with exposure to these types of products.”


Service charges

I personally concur entirely with the views expressed in Len Warwick&#39s recent article (Money Marketing, May 1). As far as I understand the matter, service and administration by insurance companies are outside the remit of the FSA and, if this is the case, I think we should campaign for a change in its stance.With very […]

Mind your Ps and Os

This is my last article looking at the Inland Revenue&#39s latest expressed views on husband and wife businesses where, in its view, one of the couple does more work than the other and the non-worker or undercontributor receives disproportionately high rewards.It is essential to remember that the two key factors that need to be present […]

Lamensdorf in receivership as Misys looks to sign up advisers

Lamensdorf Group has gone into receivership and closed its doors to new business.The group and all its subsidiaries ceased trading last Friday (May 16), leaving staff to clear up after the bailiffs arrived at its head offices in Warwick Street in London&#39s West End.At the start of May, chairman and chief executive Ken Newell told […]

Misys shelves Pru tie until it wins back IFAs

Misys is ruling out Prudential from its multi-tie plans, saying unless the provider has the support of IFAs it will not do business with it.The mega-network admits it has had talks with nine strategic partners about plans to create a multi-tie for aspects of its business and asked Norwich Union and the Prudential to take […]


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