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12 July 2020

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29/11/2007 - Association of Finance Brokers to hold Professional Indemnity Cover Talks

The Association of Finance Brokers (AFB) has vowed to arrange urgent talks with Professional Indemnity (PI) providers after insurers confirmed they were reconsidering offering cover to Loan Brokers.

PI Insurers Towergate Lifestyle and Magian both confirmed today that they had concerns about offering cover to Loan Intermediaries in the current market.

Complaints to the Financial Ombudsman Service over Payment Protection Insurance and Consumer Credit coupled with the increasing number of ambulance chasers operating in the market has prompted insurers to look again at the risk of insuring Loan Brokers.

Robert Sinclair, director of the AFB said the trade body will utilise the skills of its sister organisation which resolved a similar situation to this during the endowment and pensions crises with IFAs.

Towergate Lifestyle today confirmed that it would be making an announcement in two to three weeks about its offering to the secured loan broker.

This latest news does not affect Happy Loans as our PI insurance is through NCG Professional Risks Ltd, and held with Beazley Syndicate at Lloyds.