The proposed changes have been reviewed and approved by our public interest oversight boards and lead regulators, after consideration of the market insight and feedback,’ he adds.

How Much Does Professional Indemnity Insurance Cost in the UK?

From the Professional level, you must complete 5 exams prior to receiving your certification. This includes papers P1, P2, and P3, which are compulsory, followed by 2 out of the 4 optional papers P4, P5, P6, and P7. There are four paper exam sessions each year, and computer-based exams are also available on-demand for some papers. Depending on your previous qualifications, you may also be exempt from certain papers. Please visit our ACCA page for more info. ‘The new requirements are simpler, more practical and align more closely with other professional

Meet Your ACCA CPD Requirements with Learnsignal

Degrees, professional qualifications, and short courses delivered online PII is compulsory for all ACCA members who hold a practising certificate and engage in public practice and regulated activities in the UK and Ireland. PII policies provide cover for practitioners against claims for professional negligence. Given the significant changes in the PII insurance market in recent times and the importance of PII in the public interest, ACCA has undertaken a review of the PII market and its current PII regulations and developed new PII requirements in consultation with practitioners and insurance brokers in both the UK and Ireland, explains Stefan Pegram, ACCA’s Director – Practice Regulation. ‘Our PII regulations must adapt to reflect changes in the insurance market, and we believe the new regulations are pragmatic and proportionate,’ Pegram says. ‘In developing the new PII requirements, we have strived to balance the interests of practitioners and their clients and also the views expressed by the market and other stakeholders. accountancy bodies.’ ‘Ultimately, PII provides important protection for ACCA practitioners and their clients,’ Pegram says.

• Maintain a valid motor insurance certificate (Certificate of Motor Insurance) for each vehicle.
• Ensure the insurance policy covers at least third-party liability as a minimum legal requirement.
• Display a valid insurance disc on the vehicle's windscreen if required by local jurisdiction.
• Notify your insurer immediately of any changes to vehicle details or registered keeper.
• Inform the insurer of any modifications that could affect the vehicle's risk profile.

‘It is in the public interest, and the interests of our practitioners and firms, that this safeguard exists and does so without disproportionate regulatory burdens.

How to Record Your ACCA CPD

Working with a specialist independent broker who understands the PI market is particularly valuable if you have a claims history, as they can identify insurers who will look favourably on your specific situation and negotiate the best available terms. Artemis Insurance Brokers is an FCA-authorised independent insurance broker (Registration No. 524324) with over 30 years of experience arranging professional indemnity insurance for UK businesses across every major professional sector. We are based in Purley, Surrey, and work with clients throughout the United Kingdom. We have direct access to leading specialist PI insurers including Law Society-panel insurers for solicitors, specialist bet online bookies offers accountancy PI markets, and technology-specific PI underwriters.

12.5 Audit committee scrutiny

Being independent means we are not tied to any single insurer. We can access a wide panel of the market to find the most appropriate cover at a genuinely competitive premium, with policy terms that actually protect you when a claim arrives. •Solicitors and law firms of all sizes Call Artemis on 020 8619 5000, email info@artemisltd.co.uk, or use the quote form on this page. Our advisers will take time to understand your business, explain your options clearly, and recommend the cover that genuinely suits your professional risk profile. Disclaimer: This article is for general information only and does not constitute regulated advice or a personal recommendation.

5.3 Scottish-law differences that matter for PI

Cover, terms, conditions, exclusions and eligibility vary between insurers and individual policies. For tailored guidance on your specific circumstances, please speak directly to the team at Artemis Insurance Brokers Ltd, authorised and regulated by the Financial Conduct Authority. Get in touch with the Artemis team on 020 8619 5000. The ACCA syllabus consists of 14 examinations. The Fundamental level includes 9 examinations (F1 – F9). If PII cover is inadequate or non-existent, claims brought against the firm are uninsured and the lack of protection exposes practitioners to significant business risk and the loss

Annual Gross Fee Income Band	Minimum PII Cover (Any One Claim)	Minimum Aggregate Cover
Up to £100,000	£100,000	£200,000
£100,001 - £200,000	£250,000	£500,000
£200,001 - £500,000	£500,000	£1,000,000
£500,001 and above	£1,000,000	£2,000,000

of their own personal assets.’ The key changes to regulation 2 (Interpretation) and regulation 9 (Professional indemnity insurance) of the Global Practising Regulations are as follows: New Total

• Report any accident or incident to the insurer within the timeframe specified in the policy document.
• Cooperate fully with the insurer's appointed claims handler or loss adjuster during a claim.
• Do not admit liability at the scene of an accident; let the insurers handle the investigation.
• Obtain a police report for any accident involving injury, significant damage, or a hit-and-run.
• Keep detailed records and photographs of damage, the scene, and other parties involved.

income bands and PII limits:Total Income ˂£600,000PII Limit Greater of:(i) two and a half times the firm’s relevant total income; and(ii) £100,000Total Income ≥ £600,000PII Limit At least £1.5 million Although expressed in pound sterling (GBP), the limits should be applied in local currency equivalents, such as the euro Twenty-five times the largest fee multiplier has

Insurance Type	Mandatory or Recommended	Purpose / Key Coverage
Professional Indemnity Insurance (PII)	Mandatory	Covers claims for negligence, breach of duty, and wrongful advice.
Public Liability Insurance	Recommended	Covers injury or property damage to third parties on business premises.
Employers' Liability Insurance	Mandatory (if have staff)	Legally required to cover employees for injury or illness at work.
Cyber Liability Insurance	Strongly Recommended	Covers data breaches, cyber attacks, and associated regulatory fines.
Office Contents Insurance	Recommended	Protects business equipment, furniture, and stock.

been removed from calculation of PII limits Sub-contractors must be included in PII and

• Choose an appropriate level of cover: Third-Party Only (TPO), Third-Party Fire and Theft (TPFT), or Comprehensive.
• Consider optional add-ons like breakdown cover, legal expenses insurance, or courtesy car provision.
• Review the policy excess amounts (compulsory and voluntary) and ensure they are affordable.
• Check if the policy includes coverage for personal belongings or audio equipment.

FGI policies Liabilities covered extended to include sub-contractors Work sub-contracted included in total income

• For young or inexperienced drivers, consider telematics (black box) policies to potentially reduce premiums.
• Build a No Claims Discount (NCD) by driving claim-free; protect the NCD if the policy offers that option.
• Declare any business use accurately, as using a vehicle for business on a social-only policy invalidates cover.
• Ensure all drivers hold a valid license for the vehicle category and have the insurer's permission to drive.
• Provide accurate annual mileage estimates to the insurer, as significant underestimation can affect claims.
• For classic cars, ensure the policy is specifically designed for classic or vintage vehicles with agreed value.

Uninsured excess restricted to £20,000 per principal Minimum PII and FGI increased from £50,000 to £100,000 High risk exposures (such as such as cyber related events, tax planning

15. Insolvency practitioner PI and bonding

The ARB does not set a specific minimum indemnity limit but expects cover to be proportionate to the nature and scale of work undertaken. PI insurance for IFAs and financial advisers is required by the FCA as a condition of their authorisation. The FCA sets minimum indemnity requirements through the FCA Handbook (IPRU-INV rules). The required level of cover depends on the IFA's income and business type. Management consultants, business coaches, HR consultants, training providers, and similar advisory professionals sit outside the regulated professions framework in most cases, but they face very real PI exposure from the advice they provide.

3.2 Excess limits

A management consultant who recommends a business restructure that leads to significant losses, or an HR consultant whose advice results in an employment tribunal, can face claims that easily exceed the value of their original engagement. Cover starting at £250,000 is usually advisable, rising to £1 million or more for those working with larger organisations. PI insurance for technology businesses covers errors in software, systems design, data management, and technical advice. With the UK cyber security and tech sector growing rapidly, this is an area where claims are increasingly common. Technology PI policies often include elements of cyber liability cover, or the two can be arranged as a combined package.

14.4 What firms must do

Indemnity limits of £1 million to £5+ million are common for established technology businesses. The cheapest policy is rarely the best value. Wide variations exist between policies in terms of what is and is not covered, how claims are handled, and how cooperative the insurer is when you actually need to make a claim. Focus on the quality of the cover and the bet completely free bet no deposit app reputation of the insurer, not just the premium. Many professionals underestimate their indemnity limit because it seems adequate for their typical project values. or financial services) covered on an aggregate basis New regulations on Retroactive cover and Regulated work It should be noted that the PII limits are minimum requirements and

Insurance for accountants: FAQs

But a significant PI claim, particularly one involving lengthy litigation, can generate legal costs alone that run into hundreds of thousands of pounds before any damages are considered. The right indemnity level should reflect your worst-case risk exposure, not your average contract value. UK insurance law (the Insurance Act 2015) requires you to make a fair presentation of your risk to your insurer. This means disclosing all material facts, including your full claims history, the full range of services you provide, and any circumstances that could give rise to a claim that you are already aware of at the time of application. Failing to do so can result in your insurer declining to pay a claim or voiding your policy entirely.

11.2 Worked examples — five fee tiers

Because PI policies are typically claims made, allowing your policy to lapse even for a brief period can leave you without cover for past work during the gap period. Always renew before your existing policy expires, and if you are changing insurers, ensure there is no gap between the end of the old policy and the start of the new one. Business owners who close their company, retire, or restructure often overlook the need for run-off cover. A claim can arrive years after the work was completed. Without run-off cover in place, there is no PI policy to respond to it.

The Market for Accountants Professional Indemnity Insurance

Professional indemnity insurance protects you financially if a client makes a claim against you because they believe your advice, your work, or your professional services caused them a financial loss. It can cover for the cost of defending the claim, including legal fees, and covers any compensation or damages you are required to pay if the claim succeeds. It is sometimes also called PI insurance or errors and omissions (E&O) insurance. Professional indemnity insurance is legally or regulatorily required for solicitors (SRA rules), architects (ARB requirement), financial advisers and IFAs (FCA requirement), and chartered accountants in certain roles (ICAEW and other body requirements). Beyond the regulated professions, it is essential for any business or self-employed professional who provides advice, professional services, or work products that clients rely on. practitioners must consider the risk profile of their work and their clients and determine whether or not they should carry PII cover in excess of the minimum required.

9. IFA Practising Certificate PI requirements

This includes consultants, IT companies, marketing agencies, engineers, healthcare professionals in private practice, and many others. Professional indemnity insurance covers claims arising from your professional services, advice, or work. It responds when a client claims your professional activities caused them a financial loss. Public liability insurance covers claims from members of the public or third parties who suffer physical injury or property damage as bet gambling bonus codes a result of your business activities. A consultant working from a client's office would typically need both: PI insurance for any claims arising from their advice, and public liability in case they accidentally damage the client's property.

13.2 What PI does in a tax enquiry

Run-off cover is an extension to your PI insurance that continues to protect you from claims about past work after your current policy has expired or after you have stopped trading. Because most PI policies in the UK are written on a claims made basis, the policy in force when the claim is made is the one that responds. If you have no policy in force when a claim arrives, there is no cover. Run-off cover fills that gap for a defined period after you cease practising. The timeline for a PI claim in the UK varies significantly depending on the complexity of the case, whether it settles out of court or proceeds to litigation, and the cooperation of all parties involved.

16.4 The trade-off between limit and excess

Simple claims that settle quickly can be resolved within a few months. Complex claims involving multiple parties or technical disputes can take longer to fully resolve. Your insurer appoints legal representatives to manage the defence of the claim throughout the process. Yes, it is possible to obtain PI insurance with a previous claims history, though your premium is likely to be higher and the choice of insurers may be more limited. Full disclosure of all past claims is required when applying for cover.