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Financial Advisers and Mortgage Brokers
Join over 40% of the UK's independent financial advisory firms we help protect
Protecting financial advisory firms for decades
You work hard to help clients navigate important financial decisions, but things may not always go to plan. That’s why you need professional indemnity insurance (PI) you can rely on.
All financial service advisers and mortgage brokers need this type of cover, as set out by the Financial Conduct Authority (FCA).
For PI built around your firm, it's key to work with a specialist, experienced broker that understands your industry and its inherent risks.
Trusted by many
We act for 40% of independent financial advisory firms in the UK
Established expertise
We place over £160m of premium into the PI market each year
Claims advocacy
Over 40 in-house legal, technical and claims experts
What is professional indemnity insurance?
If a client or third party alleges you've caused them financial loss due to negligent services or advice you've provided, you may be held liable. PI provides cover for legal costs and damages if you need to defend yourself against this type of claim.
Without this protection, these costs could be extremely expensive and detrimental to a business.
What does professional indemnity insurance cover?
PI covers legal costs (including defence costs and regulatory hearings) and compensation awarded for a range of scenarios. These include:
- Accusations of negligence
- Breach of confidentiality
- Misrepresentation
- Defamation
- Infringements of intellectual property
Bear in mind that policies vary. For extra risks, such as loss of documents, libel and slander, and breach of contract, you may need to add optional extensions to your cover.
Why choose us?
Built for you
Every financial adviser has their own requirements. We'll build your policy around yours, adapting our services in line with the changing risk environment.
Benchmarking for better insight
As a leading PI broker, we have a significant bank of data that gives us unique insights into your specific risk profile. This also helps us differentiate you from your peers, meaning more choice and potentially more favourable terms.
Proactive renewal strategy
We influence the terms insurers offer by representing you with knowledge, clarity and care. Ahead of your renewal we’ll establish your strategic priorities and set goals before negotiations start. We’ll then present insurers with a detailed professional risk profile of your firm.
In-house claims support
We'll make the claims process streamlined and hassle-free, wherever possible. Our in-house claims handling team work closely with the client management team for a responsive and efficient service.
Throughout your claim, we’ll have open and regular dialogue with you. We’ll guide you through the claims process from start to finish, striving to resolve the claim successfully and efficiently.
What financial advisers say about us
We engaged with Howden following the sudden withdrawal of our existing insurer from the PI market.
They personally assisted the progression of our application from day one and immediately demonstrated a level of professionalism, understanding and integrity that we had not previously experienced.
Ultimately, Howden helped us secure very competitive terms within a tight timescale.
Howden have been our PI broker for the last two years and we have found them to be excellent. They clearly understand our business and are cognisant of the risks.
Their expertise in the marketplace helped us secure the right terms in a challenging market.
Howden’s personal approach to their clients, both in terms of renewal and dealing with complaints, has been central to building our relationship.
Three things distinguish the Howden claims handling team from the competition.
Firstly their knowledge – they are genuine specialists with a complete understanding of the challenges facing their clients and the environment in which they operate.
Secondly their skill – in dealing with difficult situations whether it be in relation to coverage or otherwise, they know their business and the market respects them for that.
The third is they care - about protecting their insureds’ interests and getting the best results out of a claim.
How we go the extra mile
Throughout the policy term, we'll also be on hand to:
- Provide advice on what is notifiable, shaping notifications so they’re on the right track from the start.
- Step in if cover issues happen and make sure you get the maximum cover for you under the policy.
- Offer risk management advice, best practice guidelines, and claims examples to help you reduce your risk of claims.
- Keep you updated on legal and regulatory changes, plus guidance on claims trends, using our first-hand claims data.
You’ll also get free business support, including legal advice and counselling helplines for you and your colleagues.
Financial adviser PI FAQs
It’s mandatory for financial advisers to have PI, as set out by the Financial Conduct Authority (FCA). You need to have adequate cover for your business in line with the risks you face when providing your services.
If your services include insurance distribution, home finance mediation, or credit intermediation, your limit of indemnity must meet the FCA’s minimum requirements, as explained in the FCA Handbook.
You must also have cover that:
- Includes Financial Ombudsman Service (FOS) awards
- Does not exceed maximum excess amounts
- Includes appropriate legal defence costs cover
- Is continuous since your firm’s authorisation
We have the experience and knowledge to find cover to meet the FCA’s requirements. More than that, we will get to know you and your business and build a comprehensive level of cover around your firm’s risks.
Insurers consider a number of factors when calculating a premium for your firm, including:
- Annual turnover
- The type of advice you offer
- Claims history
- Number of employees
- Cover amount required
They will also look at other features of your business, ranging from your record keeping to your structure. You’ll complete a proposal form including this information when you get a quote. Getting a competitive price is important, but so is having the right level of cover for your firm. Your broker will work to secure you both.
We're perfectly placed to service clients looking for a real alternative in a market where choice is diminishing.
Claiming promptly helps us defend your best interests.
We're ready to guide you through the process and offer support where needed. To make a claim, head to the claims area and complete the notification form (or call us).
If you’re planning to stop trading or retire, you will need run-off insurance to protect you for historic work. With this in place, you will be covered for legal costs and any compensation awarded if a client makes a claim against you for past advice or services.
Regulatory and membership bodies usually expect you to have run-off cover and set out the minimum period (usually six years).
This is because PI works on a claims-made basis, which means it covers claims made against you during the policy term. It’s when the claim is first made that matters, rather than when the error, omission or negligence that led to the claim took place.
Meet the team
Chris Davies
Chris Davies
Managing Director
Chris' team of expert brokers specialises in Professional Indemnity for Financial Advisers, Accountants, and Insurance Brokers. They always work hard to get their clients the right cover for the right price. And Chris' deep understanding of risk management means that he can help clients mitigate their risks as well as insuring against them.
Iain Middle
Iain Middle
Executive Director
With nearly 30 year' experience, Iain is an expert in his field and has worked with some of the largest Financial Advisers in the UK.
Paul Gillett
Paul Gillett
COO
Paul has over 25 years’ experience securing professional indemnity insurance for his clients. Based in the Bristol office, he and his team support financial and construction professionals with insurance, risk mitigation, and claims management.
Robert Bass
Robert Bass
Divisional Director - Claims
With over 30 years' experience, Robert has worked with some of the largest financial advisers in the UK. Robert focuses on the claims issues facing our clients' business and uses his extensive experience to negotiate with insurers and produce the best outcomes.
Tracy Simpson
Tracy Simpson
Associate Director - Claims
Tracy has over 30 years' insurance industry experience, specialising in handling professional indemnity claims on behalf of IFAs, but also has experience handling a wide range of other professions. Tracy assists clients in dealing with insurers when claims arise, including advising clients and advocating on their behalf in the event of any coverage issues.
