What insurance does a mortgage broker need?

Professional indemnity insurance is compulsory for all mortgage brokers that provide advice on residential or consumer mortgages. If you provide purely corporate finance, it may not be compulsory, but we’d still recommend it.

In recent years, we have seen an increase in claims, in part driven by social media and campaigns by some law firms, often referred to as ‘claims farmers’. These campaigns, previously focused on large investment providers, are now targeting companies of any size.