Professional indemnity insurance providers are tightening up their policies, and the devil really is in the detail.

Advisers are well aware that the professional indemnity (PI) insurance market is somewhat broken when it comes to defined benefit (DB) transfer advice, but even we were surprised last month.

I will refrain from naming names, but a certain insurer has started to ramp up the restriction clauses it places on firms that are either still active in the DB market or are requiring cover for previous business.

Here is a brief breakdown of the restrictions. Cover will not be provided if…

Read more in our NMA article here.