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Tied Financial Advisers

Volume 408: debated on Thursday 3 July 2003

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To ask the Chancellor of the Exchequer how many (a) tied financial advisers operate in the United Kingdom and (b) tied financial advisers had confirmed that they have obtained professional indemnity insurance cover by 30 May. [122902]

I am advised by the Financial Services Authority that figures are not available for the number of tied advisers in the UK.Tied advisers, that is to say advisers who can only advise on the products of marketing group associates of large banking or insurance firms, tend to be either appointed representatives of or employed by such firms. Typically those firms, which have substantial capital resources to meet the claims of consumers, do not have a requirement to carry professional indemnity insurance.