The Impartial Financial Advisers Association recognizes the challenges in the current insurance market and how this is impacting on IFA practices.

The IFAA has engaged with Specialist Risk Insurance Solutions (part of Specialist Risks Group) who have secured access to new (S&P) “A” rated underwriting capacity and who have appetite as detailed below to write Primary layer IFA PI Insurance.

Specialist Risk Group are the fastest growing insurance broker and risk advisor in the UK and a top 30 broker.  With one of the largest and most respected London and Lloyds’ broking teams Specialist Risks can consider almost any risk presented.  It is this specialist knowledge that has secured access to underwriters at Inperio.

If you are struggling to secure renewal terms or alternative quotations, if you have seen significant premium increases, renewal has been invited with the application of restrictive terms and/or increased excesses then please do take advantage of the ability to speak with Specialist Risk Insurance Solutions. 
We have agreed dedicated support and contact with:

Financial Lines Specialist:  Laurence Owens ACII, 

[email protected] 020 7977 4931   07711 850643

Tell them you are an IFAA Member!

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The Criteria You Need to Know

To assist you please find below a list of criteria that the underwriters have determined as suitable for their IFA PI Facility:

Policy suitable for UK based independent or restricted financial advisers and wealth managers that are authorized by the FCA and stated in IPRU-INV 13.1.1

Qualifying firms will have a minimum annual income of £500,000, Up to a maximum of £30,000,000 for the last complete financial year.

Defined Benefit Transfers (DBT): DBTs should not contribute over 25% of the firm’s income in last complete financial year. 100% file checking should be in place for all DBTs.

Third party introducers:  No paid client introductions from unregulated introducers, no introductions from regulated IFAs where the client will not be retained permanently as client on on-going service contract, Preference that a small % of income from introducers permitted (<10%) Introductions from solicitors and accountants are an accepted practice.

Mortgage: Equity Release - Firms with strong controls for safeguarding vulnerable clients only.  Low volumes of mortgage work, consistent with holistic advice firms, otherwise separate policy for mortgage business should be considered.

General Insurance: Firms where Insurance broking activities forms part of holistic advice.

The following are practices / practice activities that are outside of underwriter’s appetite:

Pension Transfer Bureaus
Firms generating > 50% of income from mortgage advice.
Firms generating > 50% from General Insurance.
Firms with < 50% recurring income
Networks: Firms with > 20 authorized representatives Up to date Complaints Register.
In addition, please submit:

Up to date Complaints Register
Full verified (insurer produced) 5-year claims history.
A copy of the current management accounts
Two years of audited or draft accounts

A firm must be able to meet its solvency requirements and have sufficient capital resources in accordance with IPRU-INV 13.1.4, also a firm must be able to meet any additional  capital resource requirements in accordance with IPRU-INV 13.1.23 and 13.1.27.

See Proposal Form and Brochure below


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