The protection of client funds remains high on the agenda of investors with significant numbers having lost out due to the insolvency of regulated firms holding client money in the UK.
Whilst investors understand the Financial Services Compensation Scheme (FSCS) can protect client funds held up to £50,000, the risks to their funds above this level drives different behaviours which can even include multiple deposits across multiple providers.
Client Funds Protection Insurance is now available to deal with these concerns and is proving popular with entities holding client funds seeking to gain a competitive advantage. A policy can provide protection on a per client basis, aggregated over the policy period and is underwritten by London-market insurers that enjoy 'A' financial strength ratings from Standard & Poors and other agencies.
We engaged Protean to provide the full range of insurance for Crowdcube. As a rapidly growing business, we needed a specialist broker that can provide the depth of expertise, whilst retaining a personal service and having been personally introduced to Protean, we are delighted that they have met all of our expectations and we would happily recommend them.
Finding the right insurance when you operate in a very niche market is difficult. Protean owned the whole process – making it easy and finding us a product that was far better than we anticipated. Their help and guidance was second to none
Having used Protean to arrange insurance covers for our European and US operations, we have found the Protean team to be very helpful and professional. We are very happy that we can rely on their knowledge and expertise in the insurance market and I am sure they will be a partner we can trust to support our global growth.
We refer all of our PII enquiries to Protean because they have been able to find insurers for our clients when other brokers could not
Julian Brincat contributes to an interesting FT Adviser article. Read more...