Headlines:
- Majority of firms comfortable with the triage process and feel that it was well embedded in their businesses
- PI insurance not an issue for this audience. Some firms had actually seen a decrease in the cost of their cover this year
- Real concerns over FOS and nobody in the room had confidence that they would be treated fairly. A view of 'guilty until you can prove otherwise'
- Given the complexity of this area, it was felt that wealthy sophisticated people could get access to their money but less wealthy and less sophisticated people couldn’t
- It is imperative that firms build a very close relationship with their PI insurers and treat them like a strategic partner in the business. Many firms in the room were doing this already
- The PFS Gold Standard initiative is still in its early days but the impression is that it is not that impressive to date. Poor service when applying, the fact that the cosy is per individual rather than per company is seen as a money making exercise and many unsure how it will be policed going forward
Key Issues and Challenges
- Obtaining PI cover and obtaining it at a cost effective rate is still high on people’s agendas
- Most firms have not had their complaints process etc looked at by a lawyer. Many were advised to do this to offer them better protection in this area
- Worry that that advice will be judged in a retrospective way by FOS and no real confidence in a fair hearing from FOS
Conclusion and Solutions:
- Firms must build up close working relationships with their PI insurer and start the process of renewal very early on. This group of people were proof that this works
- Everyone is implementing more processes that can be well documented to protect themselves from claims
- People are being very strict with the type of clients that they will deal with in this market. Insistent clients will not be tolerated
Experts:
John Glover - Money Alive, Andy Kirby - Money Alive
Facilitator:
Martyn Laverick - Soprano Consulting, Martyn Laverick - Soprano Consulting
