Financial Service firms face risks that are continuously evolving and are subject to changing regulatory, privacy, cyber and shareholder/customer exposures.
As the liability landscape evolves, risk mitigation and risk transfer strategies have become an increasingly important tool for firms to understand and implement as part of a comprehensive risk management and corporate governance framework.
The Mavco team has extensive experience in advising clients in the financial service industry. Mavco utilizes underwriting markets in Australia, the UK (via Lloyd’s) and Singapore and has access to exclusive underwriting facilities to help clients obtain the optimal insurance placement outcomes.
Mavco executives have personally negotiated the claims settlement for a number of loss events including;
- Statutory liability fine and legal costs in relation to a financial services firm employee engaging in market misconduct breaches – (approx. $500,000)
- Legal costs and determination made by AFCA against a financial planning form for alleged negligence – (approx. $600,000)
- Legal costs and a settlement for alleged breach of confidentiality against an corporate advisory firm – (approx. 500,000)
- Review of the ASIC Regulatory Guide requirements for compliant placements of required covers.
- Placement and advice on all general insurance policies
- Claims notification and handling of all actual / potential complaints including actions subject to dispute with the Australia Financial Complaints Authority.
- Comprehensive Insurance Reviews
- Review of corporate authorised representative engagement letters
- Review of director deeds of indemnity and access
- Arranging multinational policies if the business operates in overseas jurisdictions
- Acquisition due diligence insurance reviews
All Australian Financial Services Licensees and Australian Credit Licensees including;
- Funds and Investment management
- Financial Planning
- Life Insurance Advisory
- Corporate Advisory
- Investment Banking
- Real Estate Investment Trusts
- Venture Capital
- Private Equity
- Hedge Funds
- Finance and Mortgage Brokers Listed Investment Companies
Key insurance solutions
- Professional Indemnity
- Investment Managers Insurance
- Directors and Officers Liability
- Cyber Liability
- Crime Insurance
- Statutory Liability Employment Practices Liability