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Is it fair that small IFAs will have to nearly double their professional indemnity insurance cover in two years time?

“It is a known trend and, no, it certainly is not fair. It is a reflection of a change in the global economy that has severely impacted on the insurance companies but IFAs are now bearing the brunt. It may be worth lobbying or forming an action group to raise the issue in Parliament because at some point these costs are going to start impacting on the consumer.” Andrew Johnstone, Matrix Financial Planning

“No but with so much uncertainty surrounding PI at the moment, I think there is only a distant prospect of the European Commission implementing it.” Michael Curran, MJ Curran & Co

“No. Why should we pay more? PI cover is ridiculous, with huge excesses. You may as well not bother having it.” Michael Hopkins, Michael Hopkins Insurance Services

“No, we are paying enough as it is. There is no reason to increase the costs.”David Butler, Portlethen Independent Financial Services

“It is becoming increasingly difficult to ensure that one complies with all legislation.” Ivan Jamison, IA Jamieson & Co

“No, as some firms have very few claims and find their insurance doubling or tripling.” Ian Johnson, Nelson Dean Associates

“It is totally unfair. Some are paying more than double what they paid last year already.” Steven Fehnert, Fehnert

“Absolutely not. I can get on my soapbox about this subject. it is an absolute disgrace.” Keith Spencer, Sugden Rodgers Bartlett

Yes 0%

Not sure 100%


Correspondent&#39s week

Shirt buying – is this a viable business expense and am I supposed to put this exorbitant yet increasing cost on my Inland Revenue self-assessment form? Since the start of the year, the pace of life has been frantic for this discount broker, with so many imminent possible acquisitions and fund launches, resulting in many […]

Head of FSA consumer panel to join OFT

FSA consumer panel chairman Colin Brown is quitting his role after just two-and-a-half years to take up a post with the Office of Fair Trading.Brown will depart six months earlier than expected on November 1. He will be replaced by Ann Foster, who has been vice-chairman of the panel since January 1, 2001.Brown is best […]

CML highlights lending issues

The Council of Mortgage Lenders Scotland is holding its annual conference in Edinburgh in September, with Lloyds TSB Scotland chief executive Susan Rice giving the keynote speech.Being held at the Sheraton Grand Hotel on September 10, the conference is aimed at lenders and those interested in housing policy, including the private housing market, and those […]

Liverpool Vic cuts With-profits payouts

Liverpool Victoria is reducing its conventional with profits maturity payments by between 3 and 5 per cent. Regular bonuses on conventional policies are unaffected and the friendly society says that its unconditional mortgage endowment guarantee remains unchanged.

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


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