information about the regulation of insurance broker and agent,
the supervising institution of insurace in the UK and the revelant information
2006-09-18 02:01:01 · 3 answers · asked by mmmm866 1 in Business & Finance ➔ Insurance
It is regulated by the FSA
http://www.fsa.gov.uk
2006-09-18 02:08:34 · answer #1 · answered by pmsteph 2 · 0⤊ 0⤋
From the 14 January 2005 it was the FSA.
The FSA is a stautory regulator and firms must register to become approved by them. If a firm trades without this approval then it is illegal and the directors could go to jail.
There are a number of rules that approved firms must comply with and again, non-compliance can be punishable by unlimited fines and / or imprisonment. The FSA monitor compliance through visits and reviews.
The FSA has generally been seen as a good thing by the insurance market as it has given much needed additional protection to consumers in buying a complex product like insurance.
Hope this helps.
2006-09-18 02:14:40 · answer #2 · answered by Chris G 3 · 0⤊ 0⤋
The Insurance Ombudsman
2006-09-18 02:30:40 · answer #3 · answered by Dover Soles 6 · 0⤊ 0⤋