What do I have to tell my clients about my PII?
Under the requirements of the Provision of Services Regulations, you have to disclose information about your PII to clients.
What do I have to tell ICAEW about my PII?
If you are a PC holder, we will send you (or your firm) an annual return approximately one month before your PII renewal date. The PII section of the annual return asks for information about your PII.
Do I need PII if I do not engage in public practice?
If you hold a PC but do not engage in public practice, you do not need PII.
Please be aware if you return to practise, you will require PII immediately, and ICAEW should be notified. You also need to ensure there is run-off cover in place for work done when you were in practice.
To notify ICAEW, please email firms.admin@icaew.com.
Alternatively, if you plan to provide regulated services, please email regulatory.support@icaew.com.
Do I need PII after I've ceased to practise?
Yes, please see our information on run-off cover.
My firm only generates a small amount of fee income, why do I need so much insurance?
The PII regulations require firms to have a minimum amount of insurance of £250,000 in the aggregate. This increased from £100,000 in September 2024 (see the rationale for this change here). This is to minimise the potential for underinsurance and offers protection to you, the firm and your clients. Insurers will often calculate premium based on a range of criteria and usually consider a firm's fee income as part of their assessment. We would therefore expect an insurer to factor in that you have a low fees when calculating the premium. You should consult a broker who will be able to advise on the appropriate level of cover and search the market for a competitive quote.
My firm is accredited for probate, are there any specific considerations regarding PII?
Yes, you must ensure that the minimum limit of indemnity for authorised work (ie, probate and estate administration) is at least £500,000 for any one claim. This can be a part of or in addition to the minimum limit for the firm’s other activities. See regulation 3.5 for further details of these requirements.
My firm has an investment business licence, are there any specific considerations regarding PII?
If you are authorised to conduct insurance distribution activities, then you also need to comply with requirements set out in regulation 3.4 of the PII regulations. This means you need ensure that your insurance also complies with the limits required by the EU’s Insurance Distribution Directive (or the most relevant up to date provision that replaces it). We recommend that you discuss this with your broker to ensure that your policy is up to date with the most recent requirements.
How do I obtain a copy of a previous version of the PII regulations?
View the PII Regulations and PII minimum approved policy wording archive.
Pre-2015 versions of the PII Regulations and minimum policy wording are available on request. Please email pii@icaew.com