It’s time advisers were trusted

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Who gave the professional indemnity insurers the idea that advisers with insistent clients should tell them to seek a second opinion? And on what basis are they worried?

The last Pension Review was about unqualified advisers who did not assess attitude to risk well, did not review ceding schemes appropriately, and encouraged people to leave their company schemes while half the time still working there, with no review on the returns a customer might get. We are in a very different world.

It is also time to start thinking about the fact that there are many suitable recommendations as well as unsuitable ones, and no one can definitively say ‘this is the only right way’– and that is long before we get into ‘insistent customer territory’.

Whichever way you cut it, we need to start being confident about our advice and showing PI insurers why they can be confident in us as well.

Jane Hodges

Chief operating officer,

Alexander House Financial Services,

London