Nearly half of advisers could exit DB market in 12 months - Royal London and LCP

PII driving market

Hannah Godfrey
clock • 2 min read

Nearly half of financial advisers currently operating in the defined benefit (DB) transfer market could exit by this time next year, with issues surrounding PI insurance appearing to be the main driver of change, research has found.

A joint research paper by Royal London and pension consultancy Lane Clark & Peacock surveyed more than 750 individuals working at adviser firms. Almost three-quarters (71%) of those had given DB transfer advice in the last three years. A third (35%) of respondents said they were unsure if they would be operating in the DB market in 12 months, while a further 8% planned to exit. Market exits The research paper asked respondents who had exited the market what caused them to leave. Of those, 82% cited issues with professional indemnity (PI) insurance as a reason they had stopped carryi...

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