Independent Financial Advisors Insurance

We have many years’ experience which helps us to understand the insurance requirements of Independent Financial Advisors

Independent Financial Advisors specialists

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Why do I need Insurance?

We truly understand the turbulence of the Professional Indemnity Insurance market for independent financial advisors in recent years. Insurance premiums have been very changeable and insurer appetite has been reducing year on year with many Insurers pulling away from the professions completely.

PI cover as part of Independent Financial Advisers Insurance has been a mandatory purchase since 1994 when under the regulation of the Personal Investment Authority.

Now the profession is regulated by the Financial Conduct Authority (FCA) who stipulate minimum levels of required coverage that must be purchased, however the minimum level required may not always be suitable for the company’s needs.

What are the Financial Conduct Authorities (FCA) minimum insurance requirements for IFAs?

Now the profession is regulated by the Financial Conduct Authority (FCA) who stipulate minimum levels of required coverage that must be purchased, however the minimum level required may not always be suitable for the company’s needs. Currently, the minimum levels are:

  • €1.25 million for each and every claim
  • €1.85 million for claims in the aggregate

It’s also important for firms to ensure that they have:

  • Ongoing cover from when your organisation starts
  • An insurance policy that has an excess no higher than the minimum level specified
  • Adequate cover in respect of Financial Ombudsman Service (FOS) awards

On 1st April 2019, the FOS award limit increased from £150,000 to £350,000. Following this, the Chartered Institute for Securities & Investment warned the FCA that there may be unintended consequences for its SME members.

What risks are associated with financial advisor activities?

IFAs have an increased exposure with the potential for high severity claims which is why it’s essential to invest in the correct insurance policy for your business. Below are some commonly accepted views on professional activities:

Medium risk:

  • Estate planning
  • Home equity release
  • SIPPs
  • Pensions
  • Mortgages
  • Investment advice

High risk:

  • Unregulated investments
  • Tax mitigation
  • Mergers & acquisitions
  • Individual investments (over £250,000)
  • Corporate finance
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“Our priority is always the client. That’s why we aim to provide you with first class service at all times.

Our experienced team offer vast amounts of knowledge and a proactive approach to service. We will take the time to get to know your business as if it were our own.”

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Martin Swann

Managing Director, Financial & Professional Risks Division

Cover can include

  • Office contents (including multiple locations)
  • Directors and officers liability
  • Employment practices liability
  • Corporate legal liability
  • Trustee indemnity
  • Crime/fidelity
  • Public liability
  • Employer’s liability
  • Product liability
  • Business interruption
  • Group travel
  • Personal accident
  • Computers
  • Cyber liability
  • Overseas offices/staff
  • Intellectual property
  • Kidnap and ransom
  • Identity theft
  • Medical malpractice
  • Legal expenses (including contract disputes)
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            • Our Promise

              We only insure qualified Medical Professionals for Injectable Treatments

              We are completely independent and trade with integrity – which means we always act in your best interest to place your business with an insurer that’s right for you.

              We work with a team of experts from medical solicitors, qualified health and safety clinical specialists, accountants and Patient Consultation Technology companies to bring together the best services to robustly protect your organisation from every angle.

              We take the time to fully understand the DNA of how your organisation operates by visiting you in person to fully review all the varying exposures within your business and provide guidance, risk management advice and look at any gaps or exposures in cover you may have and implement an insurance solution designed to meet your needs.

              We’re here to defend you, we only work with insurers who take a strong stance against defending claims and involve you every step of the way.

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                            • IMPORTANT UPDATE FROM LLOYD’S

                              Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies.

                              Further information about the proposal (including whether it could affect your pre-transfer position), which policies are transferring, your rights and what you need to do can be found at www.lloyds.com/brexittransfer

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