The regulator has published a guide to getting professional indemnity insurance in a bid to give IFAs a greater insight into the PI market.
The guide includes information on how IFAs can improve their systems and present their risk more effectively to insurers. The guide runs through some of the factors that PI providers take into account, including the advisers-to-support staff ratio, compliance, control systems and monitoring, volume of past business, qualifications and experience, regulatory visits and disciplinary record, and claims records and complaints log.
FSA director of investment firms David Kenmir says: “We want to help IFAs present their businesses in the best possible light. Experience picked up from our discussions with firms and with the professional indemnity market has shown that a good quality presentation to an insurer could make all the difference. We hope this booklet will help firms to provide comprehensive and relevant information to their Insurers.”