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Davy's Sandringham waives PI excess for advisers

by Jun Merrett on Jan 09, 2013 at 10:25

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.'

2 comments so far. Why not have your say?

Julian Stevens

Jan 09, 2013 at 12:05

Will cut the excess to what? Zero?

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Steve Braidford via mobile

Jan 09, 2013 at 13:12

Julian, any excess will be met by Sandringham which results from an upheld complaint for Founding Partners. You pay us to provide you with compliance support so it only seems fair that we should shoulder the responsibility too as long as you have followed our guidance and procedures. We really are in this together!

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