Professional Indemnity Insurance for Financial Advisers

Professional Indemnity (PI) insurance is mandatory for many professions, especially those in the financial industry.

If your business is directly authorised by the Financial Conduct Authority (FCA), or you are in the process of becoming directly authorised professional indemnity insurance is mandatory.

The policy could protect you against:

  • Professional Negligence / Civil Liability
  • Cover for financial failure of a financial institution
  • Excess not applicable to defence costs and expenses only
  • Loss of documents and data cover
  • Cover for mitigation costs
  • Court attendance costs cover

Financial Advisers' professional indemnity insurance is arranged by Aon UK Limited which is authorised and regulated by the Financial Conduct Authority.

Why Choose Aon?

As one of the UK’s leading insurance brokers (Top 5 by brokerage, Insurance Times, October 2022), we pride ourselves on our ability to build strong and enduring relationships with our clients.

92% of our clients are satisfied with the service that they receive from Aon (Aon Customer Satisfaction Survey May 2023)

It is our mission to help you better manage your risks so you can focus on running your business. We understand your industry and the challenges you face and can arrange insurance cover especially developed for financial advisers that helps you to make better business decisions.

We work with businesses of all sizes, arranging general or specific cover to meet your needs. In addition, we are the only broker with access to AXA’s professional indemnity offering for financial advisers.

Key benefits

  • You will be assigned a dedicated client manager, who will be there to provide advice and to help you from start to finish.
  • Our experience as a broker means we can be confident in our ability to arrange your insurance.
  • We consider ourselves specialists in your sector - we understand the industry and appreciate the challenges you may face on a daily basis.
  • Policies compliant with the Financial Conduct Authority (FCA) requirements
  • Support with claims when needed

In addition to arranging PI insurance, we also offer access to a range of other insurance products including:

  • Office insurance (if you work at a business premises or at home)
  • Cyber insurance (for professional firms)

Policy Summary

The below product summary provides an overview of the policy cover:

  • Civil liability cover – designed to exceed the minimum insurance requirements of the FCA
  • Cover for losses caused by the financial failure of an insurer and/or institution where the loss arises from a negligent act, error or omission
  • Excess not applicable to defence costs and expenses unless otherwise amended by endorsement
  • Loss mitigation costs coverage
  • Financial Ombudsman service awards
  • Cover for actual or alleged reckless, dishonest, fraudulent, criminal or malicious act or omission of an insured party, other than in respect of cover for that insured party
  • Criminal prosecution from an alleged breach of statutory duty
  • Investigation costs and regulatory awards
  • Loss of documents or data
  • Unintentional breach of copyright, patent, or intellectual property rights
  • Libel, slander and defamation
  • Cyber liability cover
  • Compensation for court attendance cover
  • Current and former businesses covered
  • 60 days cover for acquisition
  • Cover for your liability under a joint venture/consortium
  • Cover for secondments to another firm or company

There are exceptions and limitations for every type of insurance cover. Aon will discuss any exclusions or limitations that may apply to your policy as part of the quotation process.
Please see our privacy policy for details of how we will use your data.
To get a quote, download our proposal form.

Frequently Asked Questions (FAQs) about Professional Indemnity insurance for Financial Advisers.

What is Professional Indemnity insurance?

Professional Indemnity insurance provides cover should a third party suffer a financial loss as a result of your professional error, omission or negligence.

What is the minimum limit of indemnity required by the Financial Conduct Authority?

For firms that fall under the Insurance Distribution Directive (IDD), the minimum levels are set out in Euros as follows: €1,250,000 for a single claim and €1,850,000 in the aggregate For UK Based firms, these minimum requirements are translated into sterling and must be met at the date of purchasing the policy and at the date in which their policy incepts or renews.

When am I required to have additional capital adequacy?

If your excess exceeds £5,000 or if you have exclusions in your policy for activities that your firm is or has been involved in then please refer to the FCA handbook ( for information regarding this.

Can you provide any advice in completing my proposal form?

Every insurer in the market will have their individual proposal form and completing these can sometimes be a challenge. They can require data since trading which of course can cover many years. Our advice would be to complete these forms with as much detail as possible and ensure accurate disclosure of information at all times.

How do I make a claim?

In the event of a claim, notify your client manager who can guide you through the process as soon as possible.

When a copy of the complaints register or claims history is required, what information should be disclosed?

Please include all complaints ever received, even if these cases were not upheld or you believe your firm was not responsible. These cases should include the claimants name, date of complaint, reason for complaint, amount claimed, current status, if a reserve is held by your insurers and any supporting comments you feel necessary.

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