The terms, which will be provided by leading specialist broker NCG, are a result of the Society of Financial Advisers (SOFA) having chosen the broker as its preferred partner for members’ PII requirements.
NCG will take into account members’ professional qualifications and the fact that they belong to the Personal Finance Society and subscribe to its code of professional conduct, which is overseen by the CII’s Professional Standards Board, when assessing risk profile. In many cases this will result in what could be substantial savings on PII premiums, with low uninsured excesses, as well as being fully FSA and Insurance Mediation Directive (IMD) compliant. The IMD, which sets common minimum standards across EU countries for the regulation of the sale and administration of insurance, requires that insurance intermediaries must have PII.
John Ellis, who will take up the role of director of public affairs at the Personal Finance Society, commented: “I welcome the partnership with NCG to provide PII cover for members, many of whom have experienced difficulty in the past obtaining cover. It makes absolute sense for PII costs to reflect the qualifications held by members when assessing their risk profiles.”
