Professional Indemnity Insurance for IFAs and Wealth Managers

The PIB Professions IFA Team is made up of specialists from PIB Group businesses PIB Insurance Brokers and QPI Professional, who work side by side to offer the best solutions for their clients. The team are specialists in working with, and managing, the insurance requirements for Independent Financial Advisers and Wealth Managers and have a background in Financial Services Consultancy, Broking and Risk Compliance. They are committed to working closely with individual firms to provide the right solution and the best advice.

Professional Indemnity for Advisers has long been a difficult trading environment, regularly subjected to underwriter concerns in respect of certain products, investments, regulatory reviews and media attention. The current situation being no different, for example the repercussions from the British Steel saga and the FCA’s on-going review on the suitability of advice given by IFAs on Defined Benefit transfers have had a major impact on the marketplace, with firms facing the prospect of a significant spike in their Professional Indemnity (PI) premium at renewal, along with increased excess levels and restrictions on cover.

As a result, this has led to an environment of diminishing market appetite. The IFA team are able to access a range of active underwriters including facilities which are only accessible to a handful of brokers.

Furthermore, insurers are being inundated with enquiries due to firms struggling to obtain competitive terms or terms at all! With such a high volume of enquiries, many firms are having to wait until almost their renewal date for terms, often with little option other than to take what has been offered. This can be avoided by working with a specialist broker such as PIB Insurance Brokers or QPI Professional. Their in-depth knowledge of which forms are accepted by all insurers, the required information and the additional supporting material insurers look for as well as guidance through the process, will ensure that you get the best result possible for your business.

In addition to PI Insurance, PIB Insurance Brokers and QPI Professional can assist with arranging Cyber Liability and Directors and Officers Insurance; essential protection for IFA practices with the ever-growing regulatory scrutiny and spotlight on data protection.

Contact our specialists and find out how your next renewal experience can be a positive one. Alternatively complete the contact us form and a member of our team will be in touch.