PI Run Off for Retired IFA

virifa2012

Any retired IFAs still hold run off cover? If so, how long is this meant to run for? No insurer will advise me, nor will the FCA.

Other regulators i.e. Law, Accountancy, Construction etc guide people to hold this for 6 years but I have yet to find a concrete answer on this for advisors who offered General Insurance (no other products sold- just GI).

Or is this a 'take it to the grave' scenario?

rs65

virifa2012 wrote: »

but I have yet to find a concrete answer on this for advisors

There is no concrete answer. The other regulators you mention don't provide concrete answers either - they impose minimum requirements.

The answer has to be - for as long as a claim can be made against you. Ask a lawyer.

ps A claim can be made against your estate so just to the grave isn't always long enough.

dunstonh

If so, how long is this meant to run for?

until you die.

Ultimately, there is no timebar on complaints in financial services. So, sole trader/partnership advisers carry liability for life.

In the past, many would consider 6-10 or so years after retiring as enough as complaints after that would be unlikely. However, that is no longer the case as people and claims companies are more willing to put in complaints and speculative complaints 15-20 years after. Hence the need for life.