Equity release advisers 'hold PI concerns' - Professional Indemnity insurance for financial advisers

12/05/2009

Written by Neil Pointon

Professional Indemnity (PI) insurance is proving to be an area of concern for equity release advisers, it has been reported.

Following Bridgewater Equity Release's recently-held Broker Breakfast Forum in Exeter, such professionals highlighted their worries about the rising cost of PI insurance for equity release.

In addition, advisers also expressed concern with regards to the increasing compliance burden which they are under.

Alison Beeston, compliance and communications manager for Bridgewater, also points out that many advisers are looking for guidance on how to generate business in the difficult economic climate.

Such calls come as she adds that many advisers were also worried about bad press equity release has been received, "with many disturbed by the recent comments made by Which? on the quality of equity release advice it has witnessed via a mystery shopping exercise".

Commenting in March, Stuart Wilson, managing partner of the Equity Release Club, told Mortgage Solutions that those brokers looking to enter the equity release market industry need to consider the issue of PI insurance to make sure they will be covered for such activities.

Last year, PYV agreed to join forces with the Personal Finance Society to assist them with the PI issues of their industry initiative "Promoting Excellence in Equity Release", known as the PEER Group.

Click here for more information about Professional Indemnity for IFAs.

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PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.

(c) 2009 Adfero Ltd.

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