At Simcox Brokers, we can arrange Professional Indemnity insurance (PII) for Financial Advisors.
The Financial Conduct Authority (FCA) requires IFA’s to always maintain Professional Indemnity insurance (PII). The FCA does not recommend a minimum level of cover but do state that the policy must not be subject to conditions or exclusions which unreasonably limit its cover where the firms PII insurance requirements must meet the demands and needs of the IFA it is being issued to.
If the firm is an IDD insurance intermediary whether or not it is also an exempt CAD firm, the appropriate minimum limits of indemnity per year are no lower than:
EUR 1,250,000 for a single claim against the firm; and
EUR 1,850,000 in the aggregate
As an independent broker we have built strong working relationships with a trusted panel of underwriters and can assist you throughout the application process, helping best present your firm to the insurers and fully supporting you in the event of a claim.
*Limits are correct as of April, 2021, please note that limits and / or FCA PII requirement may change. We advise that you continue to check with your regulatory body to ensure you meet their minimum PII requirements at the time of taking out your policy.
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