Pensions  

Waspi women stung and busy bee advisers: week in news

Mr Percival said: "I know you [CISI members] are all the good guys and the best planners and advisers in the country. But I don't think that you are entirely in the right place in this area."

4 Advisers urged to limit liability in T&Cs 

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The CISI conference presented a growing to-do list for advisers, who were also urged to consider limiting their liability in the event of a court claim by including specific terms in their client agreements. 

Philippa Hann, partner at Clarke Willmott, said there was "no real downside" to advisers including limitations in their terms and conditions which restrict the amount to be paid out in the event of a client claim. 

Ms Hann has experience in litigation both for and against financial advisers and said courts historically favour certainty and the "black letter of the law". 

She said: "In my firm’s terms and conditions is a limit on liability on the amount we’ll pay out. And we limit that to the extent of our insurance policy. Why would you not do that?"

5 Advisers urged to self-insure against claims 

Advisers historically involved with defined benefit transfers have been urged to look more closely at self-insurance options after hopes for PI rule changes were dashed

The Personal Finance Society suggested members should think about their firm's financial provisions to protect their "clients, employees and business" amid an increasingly tumultuous professional indemnity landscape which has seen advisers face rising premiums, a growing number of exclusions, and self-insurance policy terms. 

Keith Richards, chief executive of the PFS, said good advice firms were at risk in the current climate and it was "absolutely imperative" they "plan for the worst and hope for the best".

The warning comes as the Treasury refused to intervene in the PI market over consumer detriment concerns, with John Glen, economic secretary to the Treasury, dismissing a call for PI rules to be aligned with those in place for solicitors.

Mr Glen said an approach of mandating policy terms or uniform policy wordings could "result in PII becoming either unavailable or unaffordable".