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As a Financial Conduct Authority (FCA) authorised and regulated firm, we are required to have several arrangements in place to protect our clients in the unlikely event of not doing our job correctly.
We also have to put in place arrangements to deal with the firm going into liquidation and leaving behind any client liabilities for poor advice.
Professional Indemnity Insurance (PII)
Just like other professional practices, Solicitors and Accountants, for example, we have to hold suitable PII to ensure that any claim upheld by the Financial Ombudsman Service (to an amount of £350,000 for complaints after 5th April 2019) can be paid.