4 Summary of responses from the profession

  1. The profession reported that their access to PII run-off is a significant issue. Cost, availability and the requirement of committing to paying annual premiums over several years were all raised as concerns.
  2. To purchase six years (or similar) of run-off with a single payment at the point of deregistration and/or ceasing of trading was preferred by the profession but was reported to be difficult to obtain from the open market. The trade-off was seen to be that annual premiums might lead to lower costs as no-claims status could reduce premiums over time, but the single payment offered certainty, which was highly-valued. There was an account from an individual who, due to an outstanding claim against a former colleague, was struggling to obtain PII run-off cover until the claim was resolved.
  3. There was not a strong recognition of the possible consumer detriment stemming from run-off availability, which highlights a general lack of insight into the position of consumers.
  4. There were mixed views on a staged roll-out of any changes with a preference for an immediate and decisive intervention. This suggests there may be scope for further consultation before a final decision is taken.
  5. Engagement from RICS on this topic was welcomed and the profession is keen to have clearer requirements and better access to PII run-off generally.