Licensing insurance for financial advisers

Imagine you could get some insurance that meant if you hadn’t decided what to do by March 15, 2021, you wouldn’t lose your financial advice business? What might the terms be?

A whimsical look at the coverage could include:

1. Undecided – in the event that you couldn’t decide between setting up your own FAP or joining another, or even which to join if you had multiple options, this policy would extend your ability to practice, for up to two years.
2. Third-party failure – in the event that you signed a contract to act as either a Financial Adviser or Nominated Representative of a third-party financial advice provider (FAP) and for whatever reason they failed to obtain a licence, or failed for any other reason, this policy would extend your ability to practice, for up to two years.
3. Change of mind – you have done a deal to be either an NR of FA for a third-party FAP but you have suddenly got cold feet for any reason (whether due to their terms, systems, or any other issue), this change of mind clause works both in the event that you change your mind about them, or they change their mind about you, this policy would extend your ability to practice, for up to two years.

Likely terms: