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Financial advisers face higher premiums for professional indemnity insurance: Official

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Peter Carter, broker at Australia-based Steadfast Brecknock Insurance Brokers Pty. Ltd., said that financial advisers are facing premium hikes of as much as 300% and slimmer coverage when renewing their professional indemnity policies, Independent Financial Adviser reported. A number of insurers are seeking to remove fraud from their cover, which could leave advisers vulnerable to legal liabilities. The number of insurers offering professional indemnity to financial advisers has dropped to just five this year from around 12 in 2014, Mr. Carter added. 

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