2. Professional Indemnity Insurance www.ifa.org.uk Paul Harrison Associate Director 14.05 – 14.15

3. IFA Conference Professional Indemnity for IFA & FTA Members Paul Harrison – Associate Director Belmont International Limited 29 th April 2014 Paul.harrison@belmontint.com 01732 744700 Paul.harrison@belmontint.com

4. What we offer to Members t Professional Indemnity Scheme exclusively for IFA Members – Underwritten by Hiscox Insurance t Over 800 members already arrange there PI under the scheme t Belmont International are the sole approved partner for PI t Belmont International are an IFA partner firm

5. Why do I need PI Insurance ? t A requirement of the IFA for all practising members to have PI insurance t Claims can happen t Defends & Protects your reputation if there is an unfounded allegation t Pays damages where an error has been made

6. Why the IFA product ? t Product designed for members t Premiums from less than £200 t Premiums paid by interest free monthly payments t Low policy excess of £250 t Backing of Hiscox Insurance t Full Civil Liability Cover t Limits apply to each & every claim

7. Claims can happen to the best practise? Claims are rare for IFA’s but it is not uncommon for one to exceed £100,000 t Keep letters of engagement & regularly update them – define what work you are undertaking for the client t If you use an expert or a third party clearly define how is responsible for the advice given t Try and avoid business “stretch” in to areas you have less experience

8. In Summary t Over 800 members use the scheme t Members feedback that they have saved up to 60% off there premiums t Cover is never compromised t Quotations can normal be provided by return t Belmont are long term partners of the IFA

9. QUESTIONS ???