FCA Regulated Insurance
How to buy FCA regulated insurance for your financial services firm?
Potential liabilities that arise from offering a financial service can be severe. Each firm or financial institution is different and purchasing adequate financial services insurance to meet your regulatory requirements and protect your company's interests is paramount.
About FCA regulated insurance for new financial service providers
Typically, you will be required to hold minimum levels of professional indemnity insurance to carry on your activities. If you are currently undergoing FCA authorisation, we can identify financial services insurance for your application. Then when you need to incept cover and provide evidence to the FCA, we can do so at the appropriate time.
To solicit quotations it is common for insurers to request a copy business plan or pitch deck, along with financial projections, and CV's of the principals. This additional information will be submitted alongside a proposal form to insurers for their review. It's important to have an experienced insurance broker review your documentation before it is submitted.
Financial service companies face a unique range of risks, which is why they need bespoke insurance solutions designed to offer protection against a range of liabilities. We work with a wide range of financial service insurers which can accomodate a range of activities, including investment managers, banks, fintech companies, private equity firms, mortgage brokers, and financial planners.
Expert guides about the most important financial services insurance covers
Cover available under financial services insurance provides a 'safety net' as part of your overall risk management strategy to protect your clients, third parties and your interests. Typically, professional indemnity, directors and officers, cyber insurance, crime insurance, and office insurance are the most common policies purchased.
Professional Indemnity
Negligence and breach of financial service remains an important consideration, and may be required by the regulator to operate.
Directors and Officers
Cover for the individuals and your executive team is paramount when making difficult decisions and navigating FCA and PRA.
Cyber and Crime
Operating in the digital world means cyber and crime insurance for financial service companies remains a highly sought after protection.
Compare financial services insurance with Get Indemnity™ a Willis Towers Watson Network Broker
Talk to an expert insurance broker about your requirements and see how we can help youHow financial services insurance can offer protection against regulatory, operational and systemic risks?
Asset Managers
We can arrange specific insurance for both the investment managers and the funds that they are responsible for. This can include cover for civil liability, directors and officers liability, associated legal defence, settlement and investigations costs, regulatory costs, mitigation costs cover, damage to reputation, extradition proceedings, and key person insurance.
CPS / Trusts
We can arrange market leading directors and officers insurance providing crucial protection to the company and it's management against claims of wrongdoing from various parties including; shareholders, employees, competitor companies, and the government.
Banking & Insurance
Financial institutions have to operate within a framework of complex laws, rules and regulations, which increase the potential for loss and consequent litigation. We can assist with arranging civil liability insurance, that protects the financial institution and their employees against claims arising from the performance of or failure to provide professional services.
Financial Planners
Professional indemnity for financial advisors continues to be challenging as a result of expensive allegations across the industry and the FCA's decision to increase the Financial Ombudsman Service (FOS) award limit. With a limited number of carriers operating in the financial planning space, identifying alternative cover can be challenging. However, for firms that spend the time to provide a full underwriting submission we are happy to undertake a remarking exercise.
FinTech Companies
We can accommodate a range of fintech company insurance requirements, including digital banking, money transfer, trading, investments, lending, and payment initiation services. Modular policies can provide the flexibility to choose the covers that your business needs, including professional indemnity, directors and officers, crime and cyber cover.
Private Equity Firms
We can arrange specific insurance for private equity, venture capital, or hedge funds. The policy can cover for the legal liability of directors and officers to the company and shareholders. It also protects the company’s legal liability to its employees, investors and customers in carrying out its investment activities.
Why financial services insurance should be benchmarked?
It's prudent to benchmark your current financial services insurance against a program put together by a competing broker. The process may not be as time consuming as you may think. and could save your business thousands of pounds.
New enterants to market and changing risk appetites means there are plenty of opportunities to identify the policy protection you require for the business and your director's insurance at cost-effective premiums.
Policy terms and conditions will typically be negoiated on a case by case basis. We however, have amble experience working on behalf of firms and financial instiutions to negoiate the most favourable cover.
What additional financial service insurance policy covers are available?
There are a wide range of insurance covers for financial service providers. Below we take a look at additional covers that are purchased alongside the typical professional indemnity, D&O insurance, and cyber crime insurance.
Key Person Insurance
A critical illness insurance policy taken out to protect the life of a key employee or executive can offer the company and investors comfort.