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Review of 2004: PI costs

The year started badly for IFAs struggling to get professional indemnity insurance.

Informed Choice managing director Nick Bamford reported in March that his premium had increased by more than 14 times for cover which he believes is effectively useless.

With the threat of the Insurance Mediation Directive looming, it looked like things were only going to get worse – IFAs were horrified to discover that they need to have 1m in PI cover in place by January 2005.

But then suddenly the market began to soften and by July, Money Marketing was reporting falls in PI costs and increasing numbers of IFAs managing to find IMD-compliant cover.

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