It’s proposed that the amount of compensation you can claim for bad advice should increase from £150,000 to £350,000. We’re told our professional indemnity insurance could increase by 500%, as, no doubt, will the levy to fund payouts for firms that have gone bust or disappeared. Don’t get me wrong, I know that having all this in place means you can have a bit more confidence that we sharp-suited shysters can’t so easily run off with your hard-earned. Bear in mind, though, that the results will be that a) there’ll be less of us, and b) those that are left will be more expensive.
“Letter of authority: Why now is the right time for change”
This may sound like a non-issue from outside the world-of-financial-advice bubble. It is the bain, however, of the daily working lives of many of us, particularly of those paid by we advisers to do the dirty work of dealing with the many providers with whom we have to work.
