Refer to our Terms of Business Agreement (TOBA) for full details, but you can find our key points regarding regulation below:
1. All our scheme insurers grant risk transfer to us, but as per our TOBA, this is not cascaded to brokers as standard. Consequently, we are not authorised to hold client money and our Insurer monies are kept in an Insurer Trust Account, set up in accordance with BIBA guidance.
2. On request, our insurers will consider allowing us to cascade risk transfer to placing brokers, as per this TOBA - In order for insurers to consider cascading risk transfer, we need details of what type of account you will keep the money in (bear in mind you cannot have a client money account if all insurers cascade risk transfer to you)
3. We do permit co-mingling in client money accounts and the interests of insurers are subordinated.
4. Commission is deemed as earned on receipt of the payment from your client.
5. We carry £37.5m Professional Indemnity cover (in the aggregate, £30m any one claim) and have written binding authorities with our scheme insurers.
Click the appropriate link below to download details of our Professional Indemnity Insurance or our Binding Authority Confirmations:
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