The FPA has appointed a broker to improve PI insurance options for its members.
Insurance broker Jardine Lloyd Thompson (JLT) has won the tender to lead the FPA's new professional indemnity (PI) service.
The "Pro PI" service has been implemented to improve insurance options for members and strengthen the tripartite relationship between the FPA, the underwriter and the broker, FPA's general manger of professionalism Deen Sanders said.
"The first priority of our new PI service has been to give confidence to members in meeting their principal membership and Regulatory Guidance 126 (RG126) obligations," Sanders said.
In developing its "Pro PI" service, the FPA said that consideration has been given to regulatory requirements including ASIC's RG126 as well as the organisation's professional standards.
"We believe our relationship with Jardine Lloyd Thompson will create greater consistency and certainty for members and we anticipate significant change in the market as a result." Sanders said.
The Pro PI service will also include a dedicated telephone number and executive contacts for members, with service staff in each state, as well access to other insurance services.
The organisation is yet to appoint an insurance underwriter.
An FPA spokesperson confirmed that talks are progressing with underwriters however an FPA statement did not provide any further information than to say the new service will respond to RG126 by utilizing "the best underwriters in the domestic and international marketplace".
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