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Professional Indemnity Fairness Association

Whether you are a Chartered Surveying practice, in finance, banking, law, engineering or any related construction industry you are very likely to have been affected over the past few years, however, particularly the past year, by the disastrous state of the professional indemnity market.

Sadly, many firms have not survived this crisis and many more will follow, unless relevant, impactful and substantial changes are made with immediate effect.

Some months ago, we therefore started a “trade body” called PIFA (Professional Indemnity Fairness Association), as smaller/medium sized practices have little representation. Their voice is simply not being heard. Our membership numbers are constantly growing, however, the more members, the better for all concerned. The platform created allows any firm, in any industry, small or large to put forward their views and concerns in a public domain.

Our aim at PIFA is to assist these firms, as best we can, so the many great individuals who founded and work in these practices, do not go out of business, through no fault of their own. For the past 6 months we have been working and liaising with:

• Craig Tracey MP, Chair of the Insurance and Financial Services All Party Parliamentary Group. He is in regular contact with Rt. Hon Robert Jenrick MP, Secretary of State for Housing, Communities and Local Government.
• Lord Wei of the House or Lords
• Our local MP Bambos Charalambous who has been trying to assist numerous local businesses from many sectors and doing a lot of great work.
• The most senior individuals at the RICS; who are at the forefront of trying to find the best possible solutions.
• Raising awareness in the national press and industry periodicals

The RICS have been doing all they can and working very hard, however, the market is worse now than it was six months ago. The RICS must realise that obtaining PI is now even harder than it was six months ago and that many changes put forward are not acceptable to the market.

It is crucial that purely independent individuals with practical, relevant, long term experience lead the way with the many possible changes, as only they are really aware, first-hand, what the practical challenges in obtaining PI at ground level are. We all agree that if the RICS wishes to help its members in just one area and one area only, then it is with PI that all firms require full support. There is nothing more important.

We all also hope that this Government who have always prided themselves on encouraging small and medium sized business enterprise, step in with urgent action and make good on their promises in this regard.

PIFA members have made over forty separate proposals to the RICS; many of which deal with the practical realities of renewing ones PI. Hopefully these suggestions/proposals will be taken on board or at the very least that PIFA members are invited, face to face and collectively for consultation with the RICS.

In the early stages of this project, we were fighting this cause alone. We have exchanged hundreds of emails and letters with the individuals and organisations set out above, however there is no doubt that working in numbers is the most efficient and effective method for the best interests of our industry and our members.

We are not here to point fingers at any specific group, industry or body for the current crisis, however, understand that it is vital to raise awareness, whilst also developing meaningful and relevant solutions. There is no better way to do this than collectively, democratically and via social media channels.

We would be delighted to hear your views and we look forward to you joining PIFA by simply registering and most importantly, making your views known on this platform, which is and will be extensively marketed via numerous routes, including social media. We will be in touch in the near future with various updates. If you wish you can make anonymous comments regarding your experiences.

The very best of health to all of you and your families.

Professional Indemnity Fairness Association

Michael Yianni BSc (Hons) MRICS and  Hugh Bryant FRICS