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PFS plans to help advisers navigate painful world of PI
by Michelle Abrego on Feb 21, 2013 at 10:38
The Personal Finance Society (PFS) will publish a guide to buying professional indemnity (PI) insurance and launch an online tool to help advisers evidence their understanding of ethics.
The professional body has teamed up with Howden Windsor Insurance Brokers to produce a handbook to help advisers shop around for PI cover. It will include tips on how firms can improve their PI premium rates.
‘Market prices dictate premiums to some extent, but if there is anything we can do to help members get a better deal, then that’s the objective,’ said Fay Goddard (pictured), PFS chief executive.
She said the ethics tool was being launched in anticipation of incoming regulator the Financial Conduct Authority’s (FCA) expected focus on ethics in financial services.
‘The FCA is going to be looking to see how people behave and it’s important for all staff [to be aware of ethics],’ said Goddard.
The tool would help IFAs demonstrate their understanding of ethics, she said, and form part of the PFS’s continuing professional development programme.
The tool will ask advisers to complete a series of case studies and a Q&A section consisting of 40 questions, she said.
Goddard will leave the PFS on 8 April when Keith Richards, former Tenet director of distribution and development, will take up the role of chief executive.
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