Tenet, the Leeds-based adviser support group, has launched a new professional indemnity insurance (PII) scheme for directly authorised advisers.
Tenet says it is responding to the FCA’s recent statement that PII is often not correctly serving the financial advice sector.
Together with Lloyds-registered specialist insurance brokers Protean Risk, Tenet has created an exclusive new scheme for its directly authorised advisers which aims to deliver high quality insurance with realistic excess levels at affordable premiums.
Claims group regulatory director Mike O’Brien said: “We have put together a package that delivers what we believe is amongst the broadest level of cover available in the directly authorised market, with fairer terms and sensible excesses.”
“At a time when a worrying number of advisers are struggling to obtain satisfactory cover – or indeed any cover at all due to insurers hiking excesses, expanding exclusions to unreasonable levels and increasing premiums exponentially – we have addressed the issue by negotiating preferential terms for TenetSelect customers.
“We feel it will be of particular interest to those advisers working in the pensions space, thanks to the cover it can provide having a positive implication on their capital adequacy requirements.”
Head of IFA practice Julian Brincat added: “We have been able to secure these improved terms due to the quality, breadth and reputation of the compliance services provided by the Tenet Group.
“They reflect the lower risk that these firms will present to the PI insurers and as TenetSelect will be assisting its clients to complete the proposal documentation we have also been able to simplify and streamline the application underwriting process, which can be a very protracted process in normal circumstances.”