The lack of Professional Indemnity insurance availability for IFA firms is ‘the biggest threat to adviser businesses’ in 2020, the chairman of Beaufort Group Simon Goldthorpe has warned.

The Personal Finance Society has warned regulators and government that advisers are ditching pension transfer advice due to soaring professional indemnity premiums.

The Personal Finance Society warned today that it has evidence of financial advisers struggling to obtain professional indemnity insurance - and being unable to advise on defined benefit pension transfers - due to big increases in the Financial Ombudsman Service compensation limit.

The FCA has today published a report which appears to give the insurance sector - including the professional indemnity market - a clean bill of health.