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PYV chief says multi-tie PI fears are vanishing

The PI market is softening and fears that multi-tied advisers will struggle to get cover are evaporating, says PYV chief executive Neil Pointon.

Pointon says insurers are giving “a sympathetic hearing” to the needs of this new distribution channel on the back of improving market conditions.

He says last year, underwriters were negative on the uncharted territory of multi-ties. Now they are aggressively going after this new market.

But Pointon says multi-tied propositions must avoid customer confusion about whether they are dealing with an IFA, a single-tie or a multi-tie to sec-ure PI cover. He says: “Clients can claim they were not speaking to a full-blown IFA and make a claim regardless of negligence. Transparency is key.”

Thinc Destini chief executive Simon Chamberlain says the availability of PI cover will depend on the structure of the multi-tie proposition. He says: “PI will be a nightmare for multi-tied propositions where an adviser can wear two hats. But with any proposition where advisers are either multi-tied or IFAs, there is no confusion.”

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