Insurance provider BareRock has partnered with financial education charity, Just Finance Foundation donating £75 for every new PII policy written.
Through the partnership BareRock will donate £25 for every new application form received even if it does not proceed to a bound policy.
For applications that do convert, BareRock will contribute an additional £50 bringing the total donation value to £75.
Jonathan Newell, chief executive and founder of BareRock, said: “At BareRock, our proposition has been crafted to support the best financial advisers and planners in de-risking their businesses and help optimise end-consumer outcomes.
“However, to truly make a generational and lasting impact, we believe that financial education should start at a young age, which is why we are delighted to support the great work of the JFF as this goes to the very heart of our mission.”
BareRock has confirmed it will make these donations in the name of each of its member firms with each member receiving a certificate of impact showing their commitment to financial literacy.
The provider has urged advisers to become local champions of financial education in their local communities as it believes a more financially literate population will help bridge the advice gap and increase the demand for comprehensive financial planning.
“PII is not just a regulatory mandate it underpins adviser-client trust. By recasting our PII application process to align with meaningful social impact, we are demonstrating that regulatory compliance and societal contribution need not be mutually exclusive,” Newell added.
BareRock also said it would donate £50 for every PII policy that is renewed via its platform in subsequent years.
alina.khan@ft.com
