Independent Financial Advisers, otherwise known as IFAs, are governed by the FCA and it is compulsory that all of these individuals carry professional indemnity insurance.
A professional indemnity insurance policy is more than a license to trade. When developed correctly, it is a form of legal defence that offers vital protection if you are faced with claims of negligence or poor advice.
Professional indemnity insurance for financial advisers will typically cover professionals against claims that have arisen from your staff’s errors or omissions; libel, slander and defamation; loss of client documents or data; awards from the Financial Ombudsman Service and court costs. Such claims can come from a wide range of sources.
Professional Indemnity Insurance for Financial Advisers
Financial advisers have found difficulties placing their professional indemnity insurance because of the recent issues with pensions, endowments and poorly performing investments. Some firms have struggled to purchase PI insurance at a reasonable cost due to the ever-increasing prices of premiums.
But Apex has access to markets able to help IFAs with their indemnity insurance policies, and with our advice, your renewal will be much simpler.
We have a thorough understanding of the complex needs of those working within the financial sector. This helps when placing your risk as we need to factor in the suitability of the insurer and wording, as well as the price for the cover required. We’ll work with you to ensure your policy meets the distinct needs of your business yet remains as cost-effective as possible.
Call 0117 325 0027 to speak to us regarding indemnity insurance for financial advisers. Or, if you prefer, you can send a copy of your existing brokers proposal form to St Nicholas House, 31-34 High Street, Bristol, BS1 2AW for a quotation. You can also download a copy of our IFAs proposal form.