Jurisdiction(s):
United Kingdom

Professional indemnity insurance for FCA-regulated intermediaries and personal investment firms: MIPRU 3 and IPRU-INV 13 requirements on adequacy, limits, exclusions, ARs and RMAR reporting (UK)

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

This Practice Note outlines the professional indemnity insurance obligations for FCA-regulated practitioners. These obligations extend to all financial services firms, insurance firms, consumer credit firms and investment firms, as well as individuals delivering services within the sector.

Regulatory setting

Who is the regulator (if any)?

The Financial Conduct Authority (FCA) regulates the UK’s financial services industry, overseeing the conduct of nearly 42,000 businesses, prudentially supervising around 41,000 firms and setting specific standards for around 17,000 firms. Unlike regulators of professional services, such as the Solicitors Regulation Authority (SRA) and the Institute of Chartered Accountants in England and Wales (ICAEW), the FCA is not a professional body. Rather, it functions as a financial regulatory authority in the UK. It operates independently of government and is financed through fees levied on members of the financial services industry. All financial services firms, consumer credit firms and investment firms must be authorised by the FCA, including individuals providing services in the sector.

Is insurance compulsory?

The FCA states that certain firms must hold professional indemnity insurance (PII) because: (i) it provides an additional financial resource enabling firms to meet justified...

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Rob Crossingham

Clyde & Co LLP

Rob Crossingham is a Partner in the insurance, financial and professional disputes team in the London office of Clyde & Co.Qualifying more than 20 years ago, Rob’s practice has focussed on professional liability and insurance coverage matters. The majority of his clients are insurers, and he also accepts direct instructions from commercial entities and professional services firms.Rob’s practice tends to focus on professional liability disputes involving financial or property transactions. He often advises on pure insurance and coverage issues arising across the professional indemnity field. During his career, Rob has acted for all manner of professionals including solicitors, accountants/auditors, construction professionals, surveyors/valuers, financial professionals, and financial institutions (in particular, SIPP administrators). He has experience in matters involving the emerging and ‘miscellaneous’ professions, including yacht designers, agronomists, estate agents, auctioneers, IT/media professionals, forensic scientists and property search providers. Rob has...

Web page updated on 21/05/2026

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