BareRock, a Professional Indemnity Insurance (PII) provider, has been approved as a Partner Member of the Institute for Financial Wellbeing (IFW).
The firm has a stated mission to transform the PII landscape by recognising and rewarding firms that maintain robust processes and demonstrate responsible conduct.
This approach mirrors the IFW’s focus on promoting holistic financial wellbeing practices within the financial advice sector.
“firms demonstrating strong wellbeing-focused practices should be rewarded with fair and stable premiums that reflect their commitment to excellence”
Jonathan Newell, CEO of BareRock, said: “Achieving Partner Member status with the IFW represents a significant milestone in our journey. Our approach to PII has always been about more than just insurance – it’s about recognising and supporting firms that put client wellbeing at the heart of their practice.
“This partnership supports our belief that firms demonstrating strong wellbeing-focused practices should be rewarded with fair and stable premiums that reflect their commitment to excellence.”
Nick Marsh, CEO at the Institute for Financial Wellbeing, added: “BareRock’s innovative approach to Professional Indemnity Insurance perfectly aligns with our goal for the industry of creating higher value outcomes for all parties, where value is measured as an experience as well as a financial return.
“By recognising and rewarding firms that demonstrate excellence in client wellbeing, they’re creating tangible incentives for positive change in our industry. Their methodology goes beyond traditional risk metrics to consider how firms deliver genuine value to clients – a principle that sits at the heart of financial wellbeing.
“This partnership represents a significant step forward in promoting practices that benefit both advisory firms and their clients.”
