Financial Planners

Never before have Financial planning firms operated in such a volatile investment environment and under increasing regulatory scrutiny. CPR Insurance has a deep understanding of the industry and the effects of increasing legislation such as ASIC’s Regulatory Guide 126 (RG126), which formalises the insurance requirements for financial planners, and arranges the best available cover to suit. They obtain tailored insurance coverage providing peace of mind to all Australian Financial Services License Holders.

 

Why do I need cover?

The policy must cover the acts of the licensee and its representatives and all past and present Authorised Representatives including its Subsidiaries.

 Some of the exposures that a Financial Planner could face are allegations for misleading and deceptive conduct, inappropriate financial advice or poor profiling of clients, failing to recommend adequate levels of insurance or to arrange insurance, inappropriate estate planning resulting in financial loss, breach of privacy, fraud and dishonesty of their employees and authorised representatives

 

What Cover is available?

There are only a few insurers that are able to provide a Civil liability policy that indemnifies the licensee against liability for an economic loss suffered by their retail clients. This could  be a breach of the relevant sections of the Corporations Act by the licensee or its representatives.  Coverage for breaches that arise from fraudulent and dishonest conduct is also provided, including all cover for misleading or deceptive conduct under all statutes, but also for Intellectual property (including breach of copyright), defamation, fraud or dishonesty of principals, partners, directors or employees (including theft of third party money or securities), Loss of documents cover and most importantly Defence costs

You should also seek Policy Features which include aflexible definition of what is an approved product (those approved in writing by the policyholder’s investment committee) and products also not on the approved product list, but which are the subject of written guidelines from the policyholder. A broad definition of insured to include temporary contract labour, self-employed persons, labour-only sub-contractors under the direction and direct supervision of the policyholder, Automatic cover for subsidiaries and Worldwide territorial cover.

There should be cover for findings and awards by external dispute resolution bodies. Some policies include Court attendance costs, an extended reporting period, property cover for lost documents, Quasi judicial costs and even a Legal advisory Panel. Also available are extensions for authorised representatives (past and present) including for activities for Margin lending and gearing, Mortgage services, Non-life insurance, Life insurance and Fidelity.

 

How do I obtain a quote for cover?

Insurers like Australian Financial Services License Holders that can demonstrate a positive approach to risk management. Insurers will require an Underwriting submission to be provided with Information including a proposal form, a copy of a Financial Services Guide, a copy of a Statement of Advice, a copy of the current Approved Product List, a copy of the complaints register and full claims experience including full details of all paid and outstanding matters. Start up operations will need to also provide resumés for all principals, partners or directors and details of any past claims with previous Licensees.

 

Who can help?

It is important to work with professionals who understand your industry and your insurance needs.  An insurance broker's role is to act as your representative and work in your interests, seeking the best cover at the best price for you from market knowledge. Robert Cooper has been the Insurance Broker for many small to medium Financial Planning groups in Queensland and assisted with many of their claims. So call a good Insurance Broker.  

Call CPR.- Experts who will save you!

Regulation RG126 - Financial Planners Insurance Requirements

Examples of claims against Financial Planners

Latest News

Robert Cooper - Elite Broker again

We are pleased to announce that once again Insurance Business Magazine has recognised Robert Cooper amongst the top Elite Insurance Brokers in Australia. See here

It is the fourth time in six years Robert has received this honour.

It is a great recognition for CPR Insurance Services who strive to provide the best possible standard of customer care and service to assist obtaining the best possible cover at the best possible price to meet the needs of for our clients.

Such awards are not possible without the outstanding support provided in the office by Julia, Aidan and Mandy, along with the fantastic support our clients continue to show to us. Thank you to all.

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CPR Insurance nominated for Brokerage of the Year

We are please to announce that CPR Insurance Services has been nominated as a finalist in the Brokerage of the Year (1 to 5 Brokers) for the inaugural Insurance Business Awards. 

A Black Tie Gala Dinner in Sydney on the 4th May 2018 will announce the winner, so fingers crossed.

CPR Insurance Services has been in existence for more than 7 years now and continue to grow and develop. It is thanks to our wonderful clients who appreciate us being part of their own businesses as their Risk and Insurance Advisers.

We continue to follow the simple philosophy of providing Expertise, best possible service and being there for our clients when they need us, such as at Claim time. We are here to save you.

Find out who made the cut here!

The Insurance Business Awards will bring together industry leaders to celebrate excellence in the insurance profession, recognising leading brokers, brokerage businesses, insurers and underwriting agencies in Australia for their contribution to the industry over the past 12 months.

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