Fee protection insurance

Fee protection insurance recommendations

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I am just at the early stages of starting a new practise and I wondered if it is good practise to have fee protection insurance set up for all clients and if so who would you recommend getting quotes off?

Additionally, other than AMLCC are there any cheaper alternatives for recording money laundering details and compliance checks other than manual records? Thank you in advance of replies.

 

 

 

Replies (7)

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By Matrix
01st Oct 2018 14:09

At the outset I would keep your costs low. We only offered fee protection insurance when clients started to move to us who were covered by their former accountants. Most clients don't take it up and it is quite a lot of admin.

We use QDos Vantage and you get the helplines which makes up for the admin (we charge to clients at cost).

We do AML manually.

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By andy.partridge
01st Oct 2018 14:53

We use Croner Taxwise on a client decides basis. Admin kept to a minimum because they do it and collect the fees on your behalf.

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By A4TUser
01st Oct 2018 19:30

Thank you, I may just continue to not offer it initially as you say as I have very few clients at the minute. I do have a telephone call planned with Croner tax Wise on Thursday so I will see what they say .

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Replying to A4TUser:
ALISK
By atleastisoundknowledgable...
01st Oct 2018 20:06

A few months ago They quoted me £11 pa per client (based on the no of clients on the date the insurance begins), to cover all of my clients.

Just FYI

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Replying to A4TUser:
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By andy.partridge
01st Oct 2018 22:17

I would say that it is ‘right and proper’ that you make this service available to clients that want it.

One advantage I have found is that if a client has an enquiry and they are covered it means you don’t have to have a serious conversation about fees at a time when the client is hacked off which risks impairing the relationship.

Equally, to the client that isn’t covered you know and they know they were offered it and would have saved them potentially a sizeable fee.

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By A4TUser
01st Oct 2018 20:14

That seems pretty reasonable but I guess it will depend on no’s , did you have to subscribe to a given no of clients ? Thanks

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Universe
By SteveOH
01st Oct 2018 22:29

I use Croner TaxWise as well and have found them to be efficient and helpful. They calculate the monthly subscription based on the number of clients that you have at the time you take up the service. This is revised upwards or downwards every year at renewal time.

I put all my clients into the scheme and build it into their monthly fee.

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