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Simply Biz Support firm struggles to get PI cover for members

IFA support services group Simply Biz, which was launched by DBS founder Ken Davy in December last year, has been unable to find PI cover, stalling plans to offer cover to all member firms as part of the package.

The situation means that eight firms cannot make the final jump to being full Simply Biz IFAs because they want to become directly regulated and would not have PI cover if they did so.

Other firms out of the 140 members signed up and in the process of moving across may also face problems in the final move but for the moment are covered by existing cover from networks or other sources.

On current plans, Simply Biz would bring across 240 advisers in total in the next few months, ranging from directly authorised IFAs to former tied advisers and including many ex-DBS members.

Davy is confident that he will be able to obtain PI eventually. He also says that many firms may find cover themselves and make the final move across.

Simply Biz plans to have 350 firms by the end of the year although it concedes that this target may change if it does not secure cover soon.

Davy says: “It is very straightforward. We do want to include PI in our offer because most service providers do not include this but members can always arrange it separately if they want to and they have always had that option.

“Everyone is aware of how tight the market has become and we are certainly not the only people looking for cover but, for us at the present time, the impact is minimal.”

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