Professional Indemnity Insurance premiums rise by 550%

Investment-Planner
Investment-Planner

Article by Phil

All firms of Independent Financial Advisers are required by the Financial Conduct Authority to hold Professional Indemnity Insurance, in order to provide their clients with statutory levels of protection.
This is an important requirement, which gives clients the security of knowing that the advice they are given is being delivered by professional advisers, within a regulated framework and that the advice can be relied on to be appropriate to their individual circumstances.
Professional Indemnity Insurance is renewed by firms on an annual basis and this year CCFPS has seen an increase in premiums of 550%.
This is a direct result of CCFPS continuing to be authorised to provide advice on Defined Benefit Pension Transfers.
This is a specialist area of advice and only a relatively small percentage of IFA firms hold this authorisation. We are delighted to be able to continue to offer our clients this holistic service, despite the significant extra cost to the business. This also includes a further requirement to hold additional regulatory capital reserves, which taken together with the premium increases, means that the additional costs to the business are over 800% higher than last year.

The Benefit of Independent Financial Advice Explained

Why taking personalised financial advice is a good idea, both now and in the future.

If you have any questions about Financial Planning please feel free to give us a call on 01282 614444 or drop us an e mail to enquiries@ccfps.co.uk

Awards and Accreditations

Pension Transfer Gold Standard
Investment-Planner
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

Christina is thorough and she explains matters in a clear manner. Time is always given for questions to be asked and I have never felt under pressure to buy any particular products.

Mrs D

I found it very easy to do business with Christina, she talked to me as a friend and I would recommend her to others.

Mrs L

The quality of service from Adele and everyone at the company was excellent, in fact the service we received was better than that.

Mr & Mrs F