Financial Service Providers
Professional & Financial Risks Insurance for the Financial Services Sector.
Companies and Practitioners in the Financial Services Industry such as Financial Advisors/Wealth Managers, Insurance Brokers, Investment, Asset and Fund Managers, Stockbrokers and the like are facing increasing exposures and pressures as a result of volatile markets, high expectations from Clients, often with litigious attitudes, plus a much more stringent Regulatory environment
Our purpose is to challenge the status quo of insurance for the benefit of all our clients. Our aim is to shed light on a topic that has traditionally been somewhat obscure, to the detriment of all working professionals in South Africa.
Liability insurance has historically been dominated by large insurers, with very little transparency in terms of how products work and why professionals need the cover they are sold. Corporate ‘bullying’ has been a recurring theme through the decades, leading to professionals paying for insurance they don’t need, or ‘sticking with the tried and tested provider’ out of fear for choosing something else and in turn paying too much for indemnity cover. Our goal is to challenge this status quo and in turn, to allow professionals to be comfortable with the cover they have, to pay only for what they need, and to focus on their profession.
SRM and Team Leader, Chris Pearson, are a specialist advisor and intermediary with over 25 years’ experience serving the Financial Services Industry. We have negotiated specific insurance policies for our Clients to protect against these exposures at very competitive premiums. The coverage we offer includes: -
- Professional Indemnity and/or Civil Liability Insurance against claims from Clients for actual or alleged negligent acts, errors and/or omissions. The policy covers both the Damages (if awarded against you) and the costs of the best Legal Defence and Claim Mitigation expenses,
- Crime Insurance for theft or fraud perpetrated by Employees and/or Third Parties,
- Directors & Officers Management Liability Insurance providing cover for Individuals and the Company for claims against them for actual or alleged mismanagement or wrongful acts in the capacity as Directors/Managers of the Company and its activities.
We also include a number of additions and extensions to the policies such as Regulatory Defence Costs and full Fidelity Guarantee and Cyber Risk.
We have over 25 years’ broking and advisory experience in the Financial Services sector.
We focus on our specialty products and services and do not compete on other short-term or long-term insurance lines or products.
We are a member of the Shackleton Group placing in excess of ZAR 500 million premium into the South African and International markets. We are 100% owner managed South African business.
We deal with all the insurance markets in South Africa, UK, USA and Europe to source the best, most appropriate, and competitively priced coverage for our Clients.
Our Clients include small, medium and large: -
- Investment and Asset Managers,
- Insurance Intermediaries
- Financial Institutions,
- Financial Advisors and Wealth Managers,
- Stock Exchange,
- All other Financial Services providers registered with the FSCA or other Regulatory Bodies
Professional Indemnity/Civil Liability coverage.
- Failed to execute trades correctly or timeously,
- Did not follow and/or monitor Mandates,
- Failure of Protocols,
- Failure to conduct accurate Needs Analysis or incorrect Advice arising therefrom,
- No clear Record of Advice or errors arising therefrom,
- Incorrect Advice or Placement of Short-term insurance,
- Failure or error of counterparty,
- Incorrect or Advice/Recommendation e.g. on Pension Fund or Private Investments.
D&O/Management liability coverage.
- Accusation of Reckless Trading,
- Suits from Creditors and/or Suppliers,
- Employment related acts,
- Accusations arising out of Regulatory and/or Statutory non-compliance,
- Breaches of Social, Environmental and Ethical standards.
- Fraudulent EFT transfers by Employee,
- Fraudulent invoicing by Employee,
- Hacking into systems and/or fraudulent transacting/transfer by a third party.
The policy or coverage can be extended to include:
- Cyber Risk and/or Liability, covering the costs incurred in responding to, and rectifying a breach of your IT systems, ransom/extortion threats and public relations for example,
- Employment Practices Liability, covering you against claims or accusations from Employees for employment/labour related issues.
For more information or to arrange your cover, please contact: