General insurance brokers and IFAs may find it easier to get cover if their compliance procedures improve, according to English Mutual managing director Alex Morley.
The continuing professional indemnity crisis for IFAs is putting pressure on their overheads and ultimately cash flow, said Morley.
"What will happen is more consolidation will have to take place as smaller companies struggle. What they need to do is make sure their back-office procedures are efficient," he said.
English Mutual has created four distinct divisions to offer total support solutions for brokers and IFAs.
The English Mutual insurance and mortgages services division allows advisers and brokers offering mortgage, general insurance and non-regulated life products, full administration and compliance support.
"We can increase a company's margin by 75% by checking the advice, creating and filing compliance reports and offer software and technical support.
"It allows brokers and IFAs to free up more time so they can get back to actually advising. It also allows tied and direct brokers seeking to move into the IFA sector but not wishing to set up their own business," he added.
