Doo Group’s Affiliate Doo Financial Purchases Professional Indemnity Insurance To Meet AFSL Obligations
Recently, Doo Group’s affiliate, Doo Financial Australia Limited, has successfully purchased Professional Liability Indemnity Insurance (PII) from Lloyd’s of London for its principal with a specific underwriter to meet its obligations as an Australian Financial Service Licensee (AFSL).
Partnering With The World’s Leading Insurance Experts
With more than 300 years of history, Lloyd’s of London has developed into the world’s leading insurance and reinsurance market. As one of the prestigious insurance experts, Lloyd’s of London is comprised of over 50 internationally recognized insurance companies, over 380 Lloyd’s registered brokers and more than 4,000 locally authorized underwriters worldwide. Its professional insurance intermediaries system has unparalleled underwriting skills and expertise in specific risk areas, allowing it to tailor robust and inclusive solutions for a broad range of complex risks, thereby enhancing the business’s resilience to market risks.
Up to now, Lloyd’s has provided professional underwriting services to individuals, businesses and communities in more than 200 countries and territories, covering more than 60 types of insurance. To be able to partner with Llyod’s has also become a strong credibility endorsement for a company.
Purchase of PII Ensures Regulatory Compliance
The Australian Securities and Investment Commission (ASIC) has set out many obligations that ASFLs must meet to ensure compliance. While these obligations can be costly and onerous at times, Doo Financial Australia Limited believes it is vital to comply with all relevant laws and regulation which includes adequate compensation arrangements. As such, Doo Financial Australia Limited has purchased Professional Indemnity Insurance (PII), which is underwritten by the world’s leading Lloyd’s insurance experts. This PII ensures Doo Financial Australia Limited has the financial capital to indemnify the client in the event of a claim against Doo Financial Australia Limited subject to its terms, conditions, and exclusions.
Professional Indemnity Insurance, also known as “Professional Liability Insurance”, is a framework based on internationally applicable standards of practice, knowledge and ethical practice.
The PII signed by Doo Financial Australia Limited is effective as of 30th September 2022 and will continue to provide coverage during the validity period. This policy covers any loss or damage caused by the entity to the client up to a maximum liability limit of AUD 2.5 million.
As a financial company, being a compliant AFSL is not only our core responsibility but also our eternal core value pursuit so that our customers can continue to trust in the services that we provide.
In the future, Doo Group will continue to practice higher standards of regulatory compliance in the financial industry. It strives to create a reliable trading environment with cutting-edge technology, rich experience and professional services, providing global investors with a convenient and reliable investment experience to achieve one-click allocation of global financial assets.
About Doo Group
Doo Group was established in 2014, currently headquartered in Singapore. After years of development, Doo Group has become a multi-faceted financial services group with financial technology as its core. With multiple sub-brands such as Doo Clearing, Doo Financial, Doo Prime, FinPoints and more, Doo Group is committed to provide trading and asset management services for over 20,000 financial products such as Securities, Futures, Forex, CFDs and Funds to global individual and institutional clients.
Currently, the entities within Doo Group, according to their location and products, are regulated by many of the top global financial regulators, including, but not limited to, the United States Securities and Exchange Commission (US SEC) and Financial Industry Regulatory Authority (US FINRA), United Kingdom Financial Conduct Authority (UK FCA), the Australian Securities & Investments Commission (AU ASIC), the Hong Kong Insurance Authority (HK IA), the Hong Kong Customs and Excise Department (HK C&ED), the Hong Kong Companies Registry (HK CR), the Seychelles Financial Services Authority (SC FSA), Mauritius Financial Services Commission (MU FSC), and the Vanuatu Financial Services Commission (VU FSC). Doo Group has entities operating in various global locations, including Dallas, London, Sydney, Singapore, Hong Kong, Dubai, Kuala Lumpur as well as other regions.
For enquiries and further information, please contact us:
Hong Kong: +852 6701 2091
Singapore: +65 6011 1736
Email: [email protected]
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