MDA Providers Forum - Putting your best foot forward

The last forum for MDA providers covered the increasingly difficult professional indemnity (PI) renewals.

The sesion aimed to demonstrate a strong narrative to PI insurers to ensure they get the most advantageous terms. Being able to differentiate your operating model from high risk operations can make a significant impact on the PI terms available to you. With the ASIC MDA Class Order becoming effective 1 October 2017, insurers will be considering the potential for any significant changes to how these businesses will operate and whether there are consequences for PI insurance.

Key issues covered:

-          breach reporting obligations are triggered (caution: over volunteer v head in the sand)

-          systemic issues are evident

-          ASIC seeks rectification

Insurance considerations

-          new activities require a strong narrative

-          you need to take insurers on your managed accounts (IMA, SMA or MDA) journey

-          how well your risk is presented can make all the difference

-          the impact of any claim/incident history can be mitigated by improved risk management

 

Insight and expert commentary was provided by financial services legal specialist Cain Jackson of Wotton + Kearney and PI insurance specialists Mike Herron

Click here for a copy of the presentation

About IMAP

The Institute of Managed Account Professionals (IMAP) was formed to act as the nexus in this increasingly important industry. Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry.

 

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