The Financial Intermediary & Broker Association (FIBA) has launched its own block PI scheme for members, in partnership with the PI Desk.

The new scheme offers premiums from an ‘A’ rated insurer. The application process provides same day indicative quotes (subject to underwriting), no administration fees and monthly premium instalments.

The trade body’s chairman, Adam Tyler (pictured), said: “Putting in place our own block PI scheme is a major step forward to realising our goal of offering the most comprehensive range of member benefits.

“Therefore, we are delighted to announce that after many exhaustive meetings reviewing and assessing the PI propositions available for our members, we have found a service that fits perfectly in all aspects.

“Being part of the SimplyBiz Group, we had a number of choices. However, as our requirements are distinctive and the market very competitive, the FIBA Block PI Scheme, in association with The PI Desk, offers the most competitive pricing while ticking all the boxes for the key elements that would be expected to be part of a top class PI package.

“The PI Desk has undergone our most stringent due diligence and its service has been thoroughly tested along with a separate pricing schedule investigation. We believe that between us we have created one of the leading solutions in the industry offering everything our members should look for in a PI policy, whilst also being highly competitive.”

Roger Crowther, managing director at the PI Desk, added: “We have many years’ experience working in the financial services market, with commercial finance brokers being one of our specialities.

“It’s great to be supporting FIBA in launching a Professional Indemnity Insurance scheme for its members and I know we can provide a fast, efficient and reliable proposition that will meet the expectations of all who work with us.”