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UK Car Insurance Regulation
UPDATE: The FSA has now become two separate regulatory authorities and their site is no longer updated. The Financial Conduct Authority (FCA) regulate the financial services industry in the UK. Their aim is to protect consumers, ensure the industry remains stable and promote healthy competition between financial services providers.

The Prudential Regulation Authority (PRA) is a part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm.

In December 2001 the Treasury Department of the Labour Government extended the powers of the Financial Services Authority (FSA) to include general insurance sales and administration. From the 14th January 2005 the FSA has regulated general insurance advice in the UK. The objective of this decision was to (in part) implement the Insurance Mediation Directive, setting out the standards that insurers and intermediaries should meet when selling insurance and handling claims.

Before a seller can offer you its (UK car insurance) services, it must be authorised by the FSA or be awaiting authorisation. To receive approval it must fulfil a number of requirements based on its professionalism and competence.

Motor insurance consumers in the UK now have the right to cancel any policy with 14 days of purchase, whereas previously you were able to cancel within a fortnight only if you could prove that you had been given misleading information when being sold the policy. See also The Principles for the Conduct of Business under the FSA.

Who is the FSA?
The Financial Services Authority is an independent organisation responsible for the regulation of the UK financial services industry, Its main objective is to ensure consumers are protected and treated fairly. Firms and individuals that sell many different types of general insurance need to be authorised by the FSA.

The FSA strives to ensure that consumers are treated fairly. They (consumers) should be provided with relevant information on both firms and products and, if they receive advice, the product recommended should be adequate to meet their needs. If they make a claim, it should be handled promptly and efficiently.







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The details published on this site are for information purposes only and should not be construed as advice under the Financial Services and Markets Act 2000. Homeapproved does not act as an introducer in respect of contracts of insurance, and acts merely as a conduit for insurance providers. All insurance providers listed on this website are FSA authorised firms. You are advised to take appropriate professional and legal advice before entering into any binding contracts.