Key Features

Protects your business from claims by disgruntled clients, covering the cost of defending a claim as well as settling any damages payable.

The limit of indemnity you purchase will cover any damages paid and/or awards made against you and the legal defence costs. For general insurance activities the legal defence costs are payable in addition to the limit of indemnity you purchase. This policy is underwritten by AXA 1.

Key benefits

  • Access to cover from AXA 1
  • Aon Professional Services Group specialise in arranging cover for professionals – including Independent Financial Advisers
  • Email us your proposal form to receive a quote
  • Dedicated client manager

About Aon

Aon is one of the UK's largest insurance brokers (Ranked 3rd by brokerage, Insurance Times, August 2016)

Aon Professional Services Group can arrange Professional Indemnity insurance for specific industries.



Directly authorised firms with the Financial Conduct Authority

Product summary

  • Cover for losses caused by the financial failure of an insurer&/or institution where the loss arises from a negligent act, error or omission
  • Excess not applicable to defence costs and expenses only
  • Cyber liability cover
  • Civil liability cover
  • Court attendance cover
  • Representation costs for disciplinary hearings
  • Current and former businesses covered
  • Unintentional breach of copyright, patent or intellectual property rights
  • Unintentional slander, libel and defamation of a third party whilst in the course of your business
  • 60 days cover for acquisition
  • Cover for secondments to another firm or company



Making a claim

In the event of a claim, you will have access to Collegiate Management Services Limited.

To make a claim, write to:

The Claims Manager, Collegiate Management Services Limited, 18 Mansell Street, London E1 8FE

Telephone 0844 381 4418


Calls cost up to a maximum of 7 pence per minute plus your telephone company’s network access charge.

Please see our Privacy Policy for details of how we will use your data


Frequently Asked Questions about Professional Indemnity insurance for Independent 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 your standard excess option?

The minimum excess available at present is £2,500 each and every claim / claimant, increased to £5,000 each and every claim / claimant in respect of Pension &/or Investment Activities.

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

For firms that fall under the Insurance Mediation Directive (IMD), the minimum levels are set out in Euros as follows:

  • €1,120,200 for a single claim and €1,680,300 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. The more information you provide will assist insurers in understanding your business and insuring that you obtain the most competitive premium available.

How do I make a claim?

In the event of a claim, you will have access to Collegiate Management Services Limited.

To make a claim, write to:

Telephone*:0844 381 4418


*Calls cost up to a maximum of 7 pence per minute plus your telephone company’s network access charge.

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.

Are defence costs subject to any excess?

No – unless amended by specific endorsement the excess is not applicable to defence costs and expenses only