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FINANCIAL ADVISORS

At Simcox Brokers, we can arrange Professional Indemnity (PII) insurance for Financial Advisors.

HOW WE CAN HELP YOU

As an independent broker we have built strong working relationships with a wide panel of specialist insurers in the sector 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.  

 

  • We have a thorough understanding of the complex needs and risks 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

  • We’ll take the time to get to know your business as if it were our own, working with you to ensure your policy meets the distinct needs of your business yet remains as cost-effective as possible

  • As an independent broker that is not tied to a single insurer, we can search the market to find for the right cover for your firm, at the right price

A PERSONAL SERVICE

Independent & Specialist Insurance Broker

Transparent & Simple Communication

Friendly & Personable Approach

HIGHLY EXPERIENCED

Valuable insight and industry knowledge

Understands your industry specific risks

Impartial & objective

A TAILORED SOLUTION

Consultative approach

Access to a wide panel of Insurers

Comprehensive selection of products & services

WHAT CAN YOU BE COVERED FOR?

If you are accused and/or found responsible for causing financial loss to your client due to error, omission or negligent advice in the services you have provided, your Professional Indemnity (PI) policy will protect you. PI insurance protects you and your business if your client alleges a financial loss for:

 

  • Negligent investment advice 

  • A breach of a professional duty of care or unintentional breach of contract

  • Unintentional breach of confidentiality or copyright

  • Loss of documents or data

 

THINGS TO CONSIDER

The Financial Conduct Authority (FCA) requires IFA’s to maintain Professional Indemnity insurance (PII) in order to trade. 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 Professional Indemnity Insurance requirements must meet the demands and needs of the IFA it is being issued to.

All Professional Indemnity Insurance is on a 'claims made basis', this means you must hold an active policy at the time a claim or allegation is made against you. It is important to remember that once a Professional Indemnity policy expires you can no longer make any claims against it. Therefore, you need to consider maintaining your insurance cover once you cease trading. This is called Runoff Insurance and provides protection against any claims which may arise from work you undertook in the past, Runoff is an annually renewable policy, the premiums will usually reduce each year to reflect the companies reducing exposure.

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FINANCIAL ADVISORS, BRISTOL

After drowning in complicated forms, confusing small print and expensive quotes, Simcox Brokers were like a breath of fresh air – clear, informative and approachable. They managed to negotiate a very competitive quote, saving me over 25% from the previous year. Excellent service, thanks

CHARTERED ACCOUNTANT, SHROPSHIRE

Simcox Brokers have provided me with an excellent service this year, not just in providing quality insurance cover and advice but also in support too. I had a claim during the year which (not through our or Simcox’s fault) lasted for around five months and their support throughout has been fantastic in terms of guiding me, keeping me regularly updated without me having to prompt and reassuring me. They made the whole process much simpler and so much less stressful than it could have been. Thank you to the Simcox team!

RENEWABLE ENEGRY COMPANY, BRISTOL

Simcox Brokers was able to navigate the complexities of our market and offer us a solution that perfectly met our needs. This was undoubtedly derived from taking the time to understand our business thoroughly

OUR FRIENDLY TEAM ARE HERE TO HELP, PLEASE GET IN TOUCH TO DISCUSS YOUR BUSINESS NEEDS