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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%

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