FSA Supplies Insurance Protection

People buying insurance through brokers will have the protection of the Financial Services Authority from the 14th January.

When the FSA takes over regulation that day, an estimated 36,000 insurance brokers will be bought into the regime and required , for instance, to provide ‘key facts’ information to buyers, including highlighting policy exclusions. The extended remit of the FSA will then include the sale, arranging and advice give on general insurance and protection insurance. Car dealers selling extended warranties will be regulated through the FSA – but, controversially, travel agents selling holiday insurance will be excluded.