Bringing you live news and features since 2006 

IFA Solutions launches professional indemnity solution


IFA Solutions, a division of Lloyd’s broker The Underwriting Exchange, has secured a deal with its underwriters to provide wider professional indemnity insurance for accredited financial planning firms as recognised by the Institute of Financial Planning (IFP).

Jamie Newell, chief executive of IFA Solutions, says: “IFP Accreditation shows dedication and application from a firm that they wish to achieve the best possible standards at all times, and our insurers have recognised this.”

The policy enhancements are:

• Full legal liability – many policy forms in the market are limited to negligent act, error and omission.
• Fraud cover up to GBP250,000 for partners/directors, former partners/directors employee/former employees.
• Cover for previous business activities while a member of a network.
• Costs and expenses to defend any criminal proceedings that could protect the insured against any subsequent civil action, subject to insurer’s consent.
• All costs, charges and expenses of legal representation not otherwise covered by the policy, and any costs awarded against the insured.
• Automatic inclusion of any newly acquired/merged/created businesses – subject to the policy conditions
• Pro bono work
• No draconian claims notification conditions 

Newell says: “Despite numerous PI insurers continuing to introduce and maintain draconian claim notification conditions, such as a very brief time limit for notifying  a circumstance or claim in some cases only 14 days, our underwriters continue to recognise the impediment this can cause firms and the possible catastrophic ramifications and will not impose such conditions for accredited firms.”

Latest News

US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by