UK based Oxford Insurance Brokers has collaborated with Collegiate Underwriting to launch a new two-year professional indemnity insurance deal which will allow IFAs to fix their premium rates.

The premium rates are expected to rise in the interim as high profile insurers continue to pull out of the market.

Oxford Insurance Brokers managing director Neill Cotton said IFA’s time and finances are already stretched and thus the company is pleased to create this facility that offers wide policy coverage at competitive rates for a two year period.

"Collegiate’s experience in both underwriting and claims handling are second to none and with Lloyd’s (guarantee) backed security behind them, we are delighted to partner with them," Cotton said.

Collegiate Underwriting director Richard Turnbull said the company understands the risks of IFAs face, the regulatory environment in which they operate and the compensatory framework to which they are subject.

"Our commitment to insuring financial advisers is demonstrated by our track record and this deal offers a degree certainty to IFAs in difficult times," Turnbull said.