PFS welcomes adviser increase but warns on future

The Personal Finance Society has welcomed the FCA’s adviser sector study published yesterday showing rising financial adviser numbers but warned there are still too few advisers to meet demand and soaring PI insurance costs are hitting the profession.

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Soaring PI costs kill off adviser network firm

 

Wealth manager Harwood has placed a subsidiary, appointed rep adviser firm Network Direct, into voluntary administration due to “weak investment markets” and rising Professional Indemnity insurance costs.

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Planners lose confidence in ability to secure PI cover

Less than a quarter (17%) of financial advice and wealth management businesses feel confident about their ability to secure affordable professional indemnity insurance (PI), according to a new report.

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Financial Planners hit by 17% PI premium rise

The average professional indemnity premium paid by Financial Planning firms has risen to 2.3% of average regulated revenue in 2019, according to the FCA’s retail intermediary market data released today.

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