The Gauntlet Group has announced the launch of a professional indemnity insurance scheme for independent financial advisers (IFAs).
The group said the 'Gauntlet Club' would provide an alternative choice to IFAs. More than 300 members have already signed up for the scheme, it said.
The facility receives annual premiums from its members, 50% go into the individual member's segregated account, 25% into a common fund and 25% towards the cost of re-insurance and administration, the group said.
It explained that claims would be met in the first instance from the member's account. When those funds are exhausted the claim is settled out of the common fund.
