Insurance and mortgage intermediaries and personal investment firms must hold professional indemnity insurance with continuous cover from the start of their authorisation. Renew before your policy ends so there's no gap.
Which firms and which rules
- Insurance distribution, home finance mediation and MCD credit intermediation: MIPRU 3
- Personal investment firms: IPRU-INV 13
- Principal firms must also hold cover for their appointed representatives' activities where required
What the cover has to include
An excess no higher than the specified maximum, and cover for Financial Ombudsman Service awards.
Reporting your cover
Policy details are reported to the FCA in the professional indemnity insurance section of the RMAR.
Get reminded before it's due
Regmindr tracks this and the rest of your FCA calendar, and emails your team before each deadline. Set it up from your year end in about two minutes.
Sources
This page is a summary, not legal or regulatory advice. The rules in the sources above take precedence.