Compliance is an ever growing yet often overlooked area within the insurance market for both consumers and schools alike who may not understand its importance.
Checking that an insurance company or underwriter is properly regulated and monitored can help to ensure that the policy you are being sold is safe, secure and has been sold with your needs in mind.
Insurance companies are required to adhere to a number of important rules and regulations which apply to a wide range of areas. These can range from marketing and advertising their policies through to ensuring that their company is ran to a set of high standards and with the fair treatment of customers at the core of their operations. Companies that are operated and regulated outside of the UK may not have the same high standards that companies operated and regulated within the UK are required to have.
Who should my insurance company be regulated by?
Companies that provide financial services within the UK should be authorised and regulated by the Financial Conduct Authority (the FCA). These details can be searched for on the financial services register.
Who monitors the use of any personal information we may be required to disclose?
It is the responsibilities of the insurance companies to ensure that personal information is relevant, held securely and only used and kept for its intended purpose. Companies are required to register themselves with the Information Commissioners Office (the ICO) and to provide details as to what information they would collect and for what purpose. This information can be searched for on the Data Protection Public Register.
Is there any assistance that can be provided if we end up disagreeing with our insurance company?
It is important to check whether or not your insurance company or underwriter are members of the Financial Ombudsman Service (the FOS). You may not always see eye to eye with your insurance provider, if you are required to make a complaint then the FOS are often able to provide impartial mediation to help you reach a fair outcome with your complaint.
To ensure the provider you choose is fully compliant with FCA regulations, be sure to ask...
Who are you regulated by?
Are you a member of the the Financial Ombudsman Scheme (FOS)?
Are you registered with the Information Commissioner Office (ICO)?