FSA Car Insurance Regulation

FSA - Car Insurance Regulation
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.

Contact The FSA
25 The North Colonnade, Canary Wharf, London E14 5HS.
Telephone: From UK: 020 7066 1000. From Overseas: +44 20 7066 1000
Complaints against the FSA: From UK: 020 7066 9870. From Overseas: +44 20 7066 9870.
Fax: From UK: 020 7066 1099. From Overseas: +44 20 7066 1099.
Consumer e-mail: consumerhelp@fsa.gov.uk
Website: Car Insurance Regulation