BareRock, the digital-first Professional Indemnity Insurance (PII) provider, today announced that it has been approved as a Partner Member of the Institute for Financial Wellbeing (IFW). This recognition further underpins BareRock’s innovative approach to supporting and rewarding well-managed financial advice firms who demonstrate a commitment to positive outcomes for their clients.
According to Barerock, the partnership naturally aligns with it’s mission to transform the PII landscape by recognising and rewarding firms that maintain robust processes and demonstrate responsible conduct. This approach mirrors the IFW’s focus on promoting holistic financial wellbeing practices within the financial advice sector.
Jonathan Newell, CEO of BareRock, commented, “Achieving Partner Member status with the IFW represents a significant milestone in our journey. Our approach to PII has always been about more than just insurance – it’s about recognising and supporting firms that put client wellbeing at the heart of their practice. This partnership supports our belief that firms demonstrating strong wellbeing-focused practices should be rewarded with fair and stable premiums that reflect their commitment to excellence.”
The synergy between BareRock’s assessment methodology and the IFW’s principles is evident in their shared emphasis of recognising firms that go beyond traditional metrics to embrace a more comprehensive approach to client service. BareRock’s tiered rewards-based membership programme, which includes partnerships with best-in-class adviser tools, complements the IFW’s focus on promoting comprehensive financial wellbeing practices.
Nick Marsh CEO at the Institute for Financial Wellbeing, said, “BareRock’s innovative approach to Professional Indemnity Insurance perfectly aligns with our goal for the industry of creating higher value outcomes for all parties, where value is measured as an experience as well as a financial return. By recognising and rewarding firms that demonstrate excellence in client wellbeing, they’re creating tangible incentives for positive change in our industry. Their methodology goes beyond traditional risk metrics to consider how firms deliver genuine value to clients – a principle that sits at the heart of financial wellbeing. This partnership represents a significant step forward in promoting practices that benefit both advisory firms and their clients.”
The partnership builds on BareRock’s existing initiatives, including its recent collaboration with the Just Finance Foundation, demonstrating the company’s commitment to driving positive change across the financial services sector. By combining IFW membership with its innovative approach to PII, BareRock continues to champion the transformation of industry standards and practices.
