Davy's Sandringham waives PI excess for advisers

Restricted national advice firm Sandringham Financial Partners will cut professional indemnity (PI) insurance excess costs for its founding partner advisers.

SimplyBiz chairman Ken Davy's firm, which launched in November 2012 said the move wa a commitment to stand by its advisers' advice and is intended to reduce the risk they face.

Steve Braidford (pictured with Davy), managing director of Sandringham Financial Partners, said: 'We have looked at existing models and do not understand why the risk of the advice given is placed on the advisers shoulders, despite the national or network approving the actions. We are promising advisers that if they follow our advice process we will stand by the advice they are giving.

'We are confident in the calibre of the advisers that want to become founding partners at Sandringham and in our robust, yet easy to follow compliance procedures.

'In the unlikely event of an upheld complaint by a client on any advice given by one of our founding partners we are committed to stand by our advisers.'