Just 17 percent of financial advice business owners and wealth management chief executives are confident they will be able to secure affordable Professional Indemnity Insurance (PII) in the future.

According to a PIMFA survey of its members, 56 percent also said their PII contained significant restrictions, including on historic advice related to Defined Benefit (DB) transfers, leaving firms without cover for advice given before the insurance policy began.

The cost of PII has also risen hugely. 26 percent of firms reported PII premiums had increased by over 100 percent in the last five years.

Moreover, some fi...