New insurance provider BareRock has launched tailored professional indemnity insurance for Financial Planners and other FCA-regulated advice firms.

The FCA has told Professional Indemnity insurers that they must support its British Steel Pension Scheme (BSPS) redress scheme and avoid “unreasonable barriers” to compensation.

Financial Planners are being driven from the defined benefit pension transfer market due to an inability to secure affordable professional indemnity insurance, according to the Personal Finance Society.

Sceptics may have questioned warnings that the soaring cost of Professional Indemnity Insurance would put some advisory firms out of business. They may have to eat their words.