The Personal Finance Society is considering a bespoke professional indemnity insurance (PII) scheme exclusively for its members.
In a note to advisers, the PFS said it recognises the difficulties many members face when trying to obtain suitable PII.
Therefore, it is “seeking to engage with insurance providers” to identify ways to improve value and access.
The email, seen by FT Adviser, was signed by PFS chief executive officer Don McIntyre who said: “If demand is great enough, we hope to develop a bespoke PII scheme exclusively for PFS members that recognises your needs."
The PFS said to achieve this, it needs to understand the specific needs, preferences, and obstacles in securing PII.
It has therefore asked advisers to take a five minute survey covering their experience in searching for and purchasing PII.
The survey also looks at advisers' satisfaction with products and brokers, the desired versus actual coverage of PII and policy specifics, including exclusions and excesses.
The type of questions asked included whether the firm was part of a network and if the network provided the cover, as well as the ease of finding the cover and the change, if any, in premiums.
It asked firms to what extent it would be interested in exclusions such as defined benefit transfers and unregulated investments to be covered.
It also asked how much firms would be willing to pay to include these type of exclusions.
sonia.rach@ft.com
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