New Model Adviser® discovered that the FSA had completed eight unpublished reviews between 2009 and 2010 and requested copies under the Freedom of Information Act.  Its findings also revealed that the FSA had concerns about IFA networks’ ability to demonstrate they could treat customers fairly.  The New Model Adviser® report is available here.

“With traditional investments and cash delivering poor returns at present, many IFAs feel under pressure to find alternative solutions for their clients,” said Russell Lane, Managing Director, Brunel Professional Risks.  “These findings show that the FSA is worried about some product offerings, which underlines just how important it is for IFA firms to be right on top of their advice to their clients.”

“There are only a limited number of insurers writing professional indemnity insurance cover for IFAs, so only those firms with excellent claims records and rock solid risk management controls will be able to secure the best rates,” said Russell Lane.  “We work hard with all our clients to help them improve their risk management procedures and present their business to insurers in the best possible light.”

Details of Brunel’s specially tailored insurance wording for IFAs appear here.