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Plea for windfalls rethink

An IFA is drafting in specialist law firm Armstrong Neal to pressurise the PIA into reconsidering whether windfalls can be taken into account against review liabilities.

The IFA, who cannot be named, wants the PIA to re-open the argument on discounting windfall shares against redresses resulting from the pension review or any potential endowment review.

The High Court has already ruled that windfalls should not be included as part of any review compensation payouts. But it is understood the adviser is seeking financial support from professional indemnity insurers to take the case forward. Armstrong Neal says if the adviser succeeds in forcing a reconsideration of review guidelines, it would reduce IFAs&#39 liabilities and have a knock-on effect on curbing soaring PI premiums.

Partner Gareth Fatchett says: “The burden PI insurers and underwriters have been put under in relation to this means they are quite properly forming the view clients cannot have their cake and eat it.”

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