What is professional indemnity?

Professional indemnity covers you for allegations of mistakes and negligence.

In financial services that is typically anything that is deemed to be a complaint under Financial Conduct Authority rules.

It will help you provide a formal response to any complaints and will also cover any compensation that the Financial Ombudsman Service (FOS), you or your insurers deem payable.

Typical claims include allegations of negligent advice (where applicable) or allegations of poor performance.