Premiums soar for independent financial advisors’ PI as insurers dwindle

investigate premium increase

As the UK approaches a pandemic induced recession, advice firms are facing higher premiums as insurers that provide professional indemnity for advisors have significantly reduced after a series of regulatory changes, constraints and historical blunders. Insurance Times investigates what this means for insurers and IFAs – and whether brokers ...

Looking back over the years, there have been progressively fewer insurers providing professional indemnity (PI) cover for independent financial advisors (IFAs).

Ongoing regulatory changes in the defined benefit (DB) pension transfer market has led to many insurers exiting the IFA PI market altogether. 

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