Professional Indemnity Insurance for Financial Advisers

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

If your business provides professional advice, offers consulting services, or handles data for a client, then Professional Indemnity insurance cover, could protect your business against: 

  • Professional Negligence / Civil Liability 
  • Defence Costs 
  • Loss of Documents or Data 
  • Unintentional Breach of Copyright, Patent, or Intellectual Property Rights 
  • Libel, Slander and Defamation 
  • Criminal Prosecution from an alleged breach of statutory duty
  • Investigation Costs and Regulatory Awards

Aon is one of the UK’s leading insurance brokers (ranked 3rd by brokerage, Insurance Times, October 2020). We pride ourselves on our ability to build strong relationships with our clients; 84% of our customers are either very satisfied or fairly satisfied with the service they receive from us (Customer Satisfaction Survey March 2021).

Key benefits 

  • You'll be assigned a dedicated client manager, who will be there to assist 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. 

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 Find out more
  • Cyber insurance for professional firms Find out more

The below Product Summary provides an overview of the policy cover

Main Cover

  • Civil liability cover – designed to exceed the minimum insurance requirements of the FSA
  • 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 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 obtain a quote download our proposal form. 

Please note if you undertake Defined Benefit Transfers, please also complete the attached Defined Benefit Transfers Form alongside the Proposal Form.

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

1) 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. 

2) 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. 

3) 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: 

€1,250,000 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.

4) 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. 

5) 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 ensuring that you obtain the most competitive premium available. 

6) 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: 

The Claims Manager

Collegiate Management Services Limited
18 Mansell Street
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.

7) 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. 

8) Are defence costs subject to any excess?

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

Financial Advisers' Professional Indemnity Insurance is arranged by Aon UK Limited and underwritten by AXA Insurance UK Plc.

Get in Touch

Call us now on 0333 2429 380

Monday - Friday: 9am - 5:30pm

In addition to arranging Professional Indemnity Insurance, we also offer access to a range of other insurance products including

Cyber Insurance

for professional firms

Find out more