Free fact finder · United Kingdom
Mortgage and financial advisers' insurance fact find
Every question the mortgage brokers' professional indemnity form asks, asked once in plain English. Your client's answers fill the insurer's form and start your demands and needs statement.
- No login needed
- Fillable PDF with your logo
- 73 questions
- Written for UK rules
What it asks
The questions underwriters ask, in plain English.
Each one comes with a line saying why it's asked, so your client answers fully the first time.
- 1Has the business ever advised on or arranged investments or pensions, whether regulated or not?Investment and pension advice is a separate risk that most mortgage brokers' policies exclude unless declared.
- 2Have you arranged any mortgage with a term running past the client's planned retirement age?Lending into retirement is a common source of affordability complaints.
- 3Has the business ever arranged self-certification mortgages?Self-certified mortgages still lead to claims and are often excluded.
- 4Does the business need cover for any work it no longer does?Claims for past work can arrive years later, so work you have stopped still needs cover.
- 5How is the business regulated by the FCA?A directly authorised firm must hold cover that meets the FCA's MIPRU rules.
- 6Does any one client account for more than 30% of income?Relying heavily on one introducer or client raises the size of a possible claim.
The firm
Entity, people, FCA status and reference number, professional bodies and overseas offices.
Services
Tick the services, then the share of income for each: residential and commercial mortgages, bridging, equity release, protection and more.
Mortgages
UK property and UK lenders only, lending into retirement and self-certified mortgages.
Higher-risk work
Investment and pension advice, pension transfers, work you've stopped, and large clients.
Claims and cover
Past claims, known circumstances, current insurer, excess, renewal date and the limit needed.
How it works
- 1
Open it and try it
Answer it on the page as your client would. Follow-up questions appear as you go. Nothing is saved.
No login
- 2
Send it, or download the PDF
Send your client a link to answer by form or chat, with reminders sent for you. Or download a fillable PDF with your logo.
PDF free, no email
- 3
Fill the insurers' forms
When your client answers, one click starts each insurer's form with their answers in, and drafts the demands and needs for you to finish.
Free 14-day trial
Minimum cover
FCA minimum cover for mortgage and insurance intermediaries
Directly authorised mortgage and insurance intermediaries must hold professional indemnity insurance that meets the FCA's MIPRU rules.
- Mortgage advisers and arrangers under the Mortgage Credit Directive rules (MIPRU 3.2.9B)
- At least EUR 460,000 for each claim and EUR 750,000 a year in aggregate.
- Other home finance intermediaries (MIPRU 3.2.9)
- The higher of 10% of annual income (up to £1 million) and £100,000 for a single claim or £500,000 in aggregate.
- Firms that also arrange insurance, such as protection or home cover (MIPRU 3.2.7)
- €1,300,380 for a single claim, and in aggregate the higher of €1,924,560 and 10% of annual income (capped at £30 million).
- The excess (MIPRU 3.2.11 and 3.2.12)
- No more than the higher of £2,500 and 1.5% of annual income, or £5,000 and 3% if the firm holds client money, unless the firm holds extra capital.
A summary, not advice. Investment and pension advice falls under other FCA rules, not shown here. Appointed representatives are usually covered by their principal.
Free tool or a free trial
The fact finder is free. A trial does the forms.
Free, no login
Everything you need to use it.
- The whole fact finder, answered as your client would
- How much of each insurer's form it fills
- Fillable PDF with your firm's logo
With a 14-day free trial
Your client answers once. No card needed.
- Send it as a link: answered by form or chat, with reminders
- Upload a PDF your client filled in and the answers are read in
- Start each insurer's form with your client's answers in
- A first draft of the demands and needs statement
- Next year, your client only confirms what changed
Before you ask
Questions about the financial and mortgage advisers fact finder.
- Is the mortgage and financial advisers' fact find really free?
- Yes. Answer it on the page as your client would, and download it as a fillable PDF with your logo, with no login and no email. Sending it to a client as a link comes with a free 14-day trial.
- Which insurers' forms does it fill?
- NBS's mortgage broker professional indemnity form, the only one in the Coverbound Form Library for this trade so far. The rest of the fact find is what other insurers and your own advice need.
- Does it help with the demands and needs statement?
- Yes. Once your client has answered, Coverbound drafts the statement from their answers for you to finish. It recommends nothing: that part is yours.
- Does it show the FCA minimum cover?
- Yes, the MIPRU minimum limits and excess for mortgage and insurance intermediaries, with links to the FCA Handbook. Investment firms' rules differ and aren't shown.
Ask once. Fill every form.
Open the fact finder, try it as your client and download the fillable PDF. No login needed.
Open the fact finder