Approved Persons Insurance

As an FCA regulated business would you like cover for costs incurred in the defence of an investigation by the FCA?

Approved Persons insurance has been developed to allow consumer credit businesses that are now supervised by the Financial Conduct Authority to ensure against the costs involved with defending an investigation into their FCA Regulated activities.
The policy has been developed to help with two potential issues you could face:

  1. The additional complexity of facing an investigation by the Financial Conduct Authority into your consumer credit business
    • This includes any external experts required to review the situation and advise
    • Also includes solicitors and other legal advice
    • Up to £500,000 of costs per claim
    • Does not cover any fines levied
  2. The normal legal issues a business faces. Directors and Officers Insurance will allow business managers to be confident that they are protected against the cost of defending or settling:
    • Any employment claims; or
    • a Health and Safety claim

It will also cover claims arising from:

  • Libel, slander, deformation or mis-statement
  • Actual or alleged breach of duty or trust
  • Negligence, error or omission
  • Wrongful trading under section 214 of the Insolvency Act 1986
  • The operation or administration of a pension or employee
    benefit scheme
  • Pollution