The new Risk Management handbook for IFAs
Securing effective and supportive Professional Indemnity (PI) insurance can be a particular challenge for Independent Financial Advisers (IFAs). With more than 80-years’ experience, we have developed a deep understanding of the risks faced and the day-to-day pressures on both time and resource faced by the profession.
To provide assistance with the particular challenges seen in recent years we have developed a number of schemes at Griffiths & Armour which, building on our success in the Insurance Broker market, are specifically designed to support the needs of the IFA community.
Advising more than 3,000 professional clients, we have established an understanding of the particular risks involved for IFAs, via relationships with experts, such as DWC Regulatory Consultants. With that understanding in mind, this month sees the launch of the latest publication in our ‘Lessons to be Learned’ series. The Risk Management edition provides consistent, fully independent advice on the claims trends hitting IFAs.
The last 20-years have seen a variety of mis-selling events which have led to a general malaise in appetite amongst PI underwriters as far as IFAs are concerned. Our guide to Risk Management explains some of the key or common pitfalls which IFAs may encounter on a day-to-day basis and some guidance around how to avoid them.
Although the Financial Ombudsman Service can act as an alternative to traditional legal proceedings, the Risk Management publication reviews the potential differences in approach and disadvantages which IFAs could come across.
Additionally this publication sets out to define the importance of effective communication, with a particular focus on written contracts, which are often overlooked and yet can often form the basis of a solid and balanced foundation for a client relationship.
With a number of unpredictable external influences leading to a spike in PI rates for IFAs the market place has seen a shift in attitude towards restrictive policy cover in recent years. In response to this trend our Risk Management publication takes a renewed focus on suitability in the first instance, whilst also highlighting the considerations associated with reliance on other parties.
You can view a preview copy here. Please contact us to register your interest to receive a fully copy of this publication.