Financial Advisers Insurance
Protect your financial advisory practice from claims of unsuitable advice, investment losses and regulatory complaints with specialist cover.
Get in touchWhat is financial advisers insurance?
Financial advisers insurance is a specialist policy that protects independent financial advisers and advisory firms from the risks of recommending financial products, pensions and investments to clients. It typically includes professional indemnity, public liability and cyber liability.
If a client claims your investment recommendation was unsuitable and caused them a financial loss, professional indemnity covers your legal costs and any compensation awarded.
Get options from specialist insurers to find policies from insurers experienced in covering financial advisory firms, ensuring your cover meets the requirements of your professional body.
Professional Indemnity
Covers claims arising from unsuitable advice, product recommendations or financial planning errors.
Public Liability
Covers injury or property damage claims from clients visiting your office.
Cyber Liability
Covers data breaches involving sensitive client financial information.
Employers Liability
Required by law if you employ staff, covering workplace injury and illness claims.
Who needs financial advisers insurance?
Independent financial advisers
Providing whole-of-market financial advice to individuals
Restricted advisers
Advising on a limited range of products from selected providers
Pension advisers
Specialising in pension transfers, drawdown and retirement planning
Mortgage advisers
Advising on residential and commercial mortgage products
Wealth managers
Managing investment portfolios for high-net-worth clients
WHY CECIL
Built differently.
Cover for advisory liability
Financial advice carries significant liability. Cecil works with insurers who specialise in covering advisory firms and understand the regulatory environment.
Regulatory complaint defence
Professional indemnity covers the cost of defending complaints to the Financial Ombudsman Service. Cecil makes sure this is included in your policy.
Cyber cover for client portfolios
Financial advisers hold sensitive personal and financial data. Cecil ensures cyber liability is included to cover breaches and their consequences.
Competitive quotes for all firm sizes
Whether you are a sole IFA or a multi-adviser firm, Get your cover options from specialist financial services insurers.
Common questions about financial advisers insurance
Do financial advisers need professional indemnity insurance?
Yes, professional indemnity is a regulatory requirement for financial advisers. Your professional body requires you to hold adequate cover at all times.
What level of professional indemnity do IFAs need?
The minimum requirements depend on your regulatory status and professional body. Many advisers carry between £1m and £5m, with some requiring more for pension transfer work.
Does financial advisers insurance cover pension transfer claims?
Yes, professional indemnity covers claims arising from pension transfer advice, including claims that the transfer was unsuitable. This is one of the most common claim types for financial advisers.
Do IFAs need cyber insurance?
Financial advisers hold sensitive client data and process financial transactions. Cyber liability covers the costs of data breaches, including notification, investigation and regulatory fines.
Does financial advisers insurance cover complaints to the ombudsman?
Yes, professional indemnity covers the costs of defending complaints to the Financial Ombudsman Service, including any compensation awarded against you.
Interested in Financial Advisers insurance?
We will be in contact when Cecil launches.