Standard Life has teamed with Lloyd's broker NCG Professional Risks to offer its wrap advisers preferential terms for professional indemnity (PI) insurance.
Available now, the special terms depend on the percentage of adviser business currently migrated onto Standard Life’s wrap platform.
PI insurance covers against compensation sought by a client in the event of a mistake or negligence.
Standard Life Savings communications head Mark Polson says PI is “essential financial protection”.
“PI insurance is an important consideration and significant cost for any adviser firm,” he says.
“Adopting wrap can take risk out of an adviser’s business by introducing robust internal systems and controls, but it is important to plan for unexpected problems too.
“Even the best run company with the most knowledgeable experts cannot prevent a client making a complaint against it.”IFAonline
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