Smaller firms paying disproportionately high PI premiums - FCA

The bulletin, published on 7 June, showed advice firms with annual revenues of less than £100,000 paid on average £2,412 in PI per firm, equating to an average of 4.2% of the firm's revenue. Meanwhile, large advice businesses, with revenues of more than £10m, paid an average of £882,041 per firm, representing just 1.2% of the firm's revenue on average.   Across all advice firms, the average amount of PI paid per firm was £17,540, approximately 1.9% of revenues. In total, intermediary firms, including advisers, mortgage brokers and insurance firms, spent more than £300m on PI premiu...