Directors, Officers and Approved Persons Insurance
This is a new policy type, developed by our underwriting partners, to cover a very specific area of the UK business market. If you are a consumer credit business you will now be supervised by the Financial Conduct Authority and this brings an additional level of complexity to your business.
The policy has been developed to help with two potential issues you could face:
- The normal legal issues a business faces; and
- The additional complexity of facing an investigation by the Financial Conduct Authority into your business.
Specifically the policy will cover the Directors and Officers of a business for claims (legal costs and certain expenses incurred) where you defend any claim for wrongful acts. This may provide insurance cover for claims of
- Neglect, error, or omission;
- Libel, slander or mis-statement;
- Actual or alleged breach of trust;
- Breach of duty;
- Breach of warranty of authority; and
- Wrongful trading.
As a Consumer Credit Business operating under the regulation of the Financial Conduct Authority there is an additional level of company management called Approved Persons. Our unique policy will cover the costs of any investigation that the Financial Conduct Authority may make into your business once you are fully authorised to trade by them.