IFP Accredited Financial Planning Firms can benefit from enhanced professional indemnity insurance thanks to a deal with Lloyds broker IFA Solutions.
IFA Solutions is a division of Lloyd's broker The Underwriting Exchange.
The policy enhancements available to Accredited Financial Planning Firms are full legal liability, up to £250,000 fraud cover, pro bono work and automatic inclusion of any newly merged or acquired businesses.
It will also cover for previous business activities while members of a network, costs and expenses to defend any criminal proceedings that could protect the insured against subsequent civil action and costs of legal representation.
There are currently 48 Accredited Financial Planning Firms recognised by the IFP and the IFP hopes to increase this to 60 by the end of the year.

Jamie Newell, chief executive of IFA Solutions, said: "IFP Accreditation shows dedication and application from a firm that they wish to achieve the best possible standards at all times, and our insurers have recognised this.
"Despite numerous PI insurers continuing to introduce and maintain draconian claim notification conditions, our underwriters continue to recognise the impediment this can cause firms and the possible catastrophic ramifications and will not impose such conditions for Accredited Firms."
Nick Cann, chief executive of the IFP, said: "As the financial advice market segments again, it is important that insurers and others recognise the positive qualities of Accredited Financial Planning Firms and that it is possible to deliver services matching their specific requirements. It is great news that at last, and in difficult conditions, an underwriter has been able to deliver a PI Insurance scheme that relates directly to this robust business model."