The FISA Council discussed the need for members to have indemnity insurance at its last meeting. The need to ensure that clients dealing with a FISA member has recourse in the case of financial loss should the member be negligent or act fraudulently is becoming more and more important. The potential reputational damage to FISA and its members should also be borne in mind. The council is aware that this is a multi-faceted issue and that the circumstances of members differ widely, e.g. some members are practising as sole proprietorships at one end of the spectrum, while others are employed by large corporate entities with existing and ample insurance against these risks.
A decision was taken to poll members in the near future to ascertain the levels of existing cover amongst members and the potential scope for a group scheme for FISA members. Keep an eye out for this over the next two months and please participate in the survey when it is launched.