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ProAct to link firms with buyers

Law firm ProAct Legal has set up a scheme which aims to throw a lifeline to IFAs struggling to find PI cover.

The firm found that 27 per cent of IFA firms may not get PI cover and 63 per cent face increases of more than 300 per cent in its research among 100 firms during October.

The new scheme, ProAct Protect, matches expanding IFAs looking to buy practices with firms facing closure due to a lack of PI cover. Strugg-ling practices can continue to trade under their current identity and service their client banks while coming under the PI umbrella of the parent firm.

ProAct has signed up six IFAs across England and Wales which are looking to expand their businesses through acquisition and a further 30 which want to expand through collaborations and joint ventures.

ProAct Legal partner Gar-eth Fatchett says: “This is an exit route for IFA practices struggling through the hardening market. We will filter them all and we would not want the ones in a disastrous position but a lot of the firms you cannot understand why the should not get PI cover.”

Anthony Reed managing director Terence Hickey says: “As a concept, it is very interesting and something I would like to find out more about as long as it is not networking as we understand it. My reser-vation would be that it could fall into the same traps as the networks have.”

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