I must endorse the views of Colin Langton (Money Marketing, April 18) who is paying higher professional indemnity premiums while having a clean record.
In our own case, although we have no pension transfers, FSAVCs, endowments or other potential misselling cases, our PI insurers tried to raise the premiums by 20 per cent.
Further, despite receiving the application a month prior to renewal they only provided the revised premium 24 hours before the deadline for renewal – in what only be regarded as a crude attempt to keep the business.
Are there no regulatory rules under which they can be obliged to provide a quotation within a specified time period in order to allow for competitive quotes to be obtained?
We too have contacted the FSA to explain why we have been unable to provide the statutory documentation (we have not yet received it ourselves) and trust common sense will prevail over bureaucratic tidiness.
We are also seeking active help to bring PI insurers to book. After all, in this matter, we are the consumers the FSA is supposed to be protecting.
St Helens. Lancashire