Tenet launches new PII scheme for DAs

11 January 2017

Responding to the FCA’s recent statement that professional indemnity insurance (PII), is often not correctly serving the financial advice sector, Tenet is launching a new proposition for its directly authorised clients.

In conjunction with Lloyds-registered specialist insurance brokers, Protean Risk, Tenet has created an exclusive new scheme for its directly authorised advisers with the aim of delivering high quality insurance with realistic excess levels at affordable premiums.

“We have put together a package that delivers what we believe is amongst the broadest level of cover available in the directly authorised market, with fairer terms and sensible excesses,” claims group regulatory director, Mike O’Brien.

“At a time when a worrying number of advisers are struggling to obtain satisfactory cover - or indeed any cover at all due to insurers hiking excesses, expanding exclusions to unreasonable levels and increasing premiums exponentially - we have addressed the issue by negotiating preferential terms for TenetSelect customers.

“We feel it will be of particular interest to those advisers working in the pensions space, thanks to the cover it can provide having a positive implication on their capital adequacy requirements,” he stated.

It has been agreed that firms buying more extensive services from TenetSelect will be considered ‘lower risk’ by a market leading PII insurer and therefore attract a greater discount.

Julian Brincat, head of IFA practice, added: “We have been able to secure these improved terms due to the quality, breadth and reputation of the compliance services provided by the Tenet Group. 

“They reflect the lower risk that these firms will present to the PI insurers and as TenetSelect will be assisting its clients to complete the proposal documentation we have also been able to simplify and streamline the application underwriting process, which can be a very protracted process in normal circumstances.”