How long should I keep PI run-off?

I advised a local CA firm on VAT matters a few years ago on a freelance basis.

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I trained with HMCE, worked in private practice for a big 4 firm and another independent. I later advised a local firm of CA's on VAT matters. I am not in an institute as there was no formal qualification for VAT when I left HMCE. My fee levels for the freelance work were very modest but it's now 8 years since I did any freelance work, I now do case reporting as a freelance and retired from employed work last year. I might do some advisory work in the future but not at present. 

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By thomas34
02nd May 2018 12:47

It's up to you but I shall be getting cover for 6 years after I stop practising. You'll need to let us know more details about your case reporting i.e. it may be that you provide some sort of disclaimer for your work.

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By FCExtraordinaire
02nd May 2018 16:06

"Cessation of practice"

Those ceasing to practise must make arrangements for the continued existence of adequate PII and FGI cover for a period of six years from the date of cessation. This is due to the fact that claims can be made at a later date for work undertaken whilst a member was in practice."

Taken from the ACCA guidelines - I think I would go with that.

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