Security for your future.
It is important to know that in the UK, when the subject is insurance there are always lots of doubts
and questions even for English people. The financial market is full of insurance options for the most
different and various things from pets to plants.
This insurance market, is regulated by an English entity called the F.C.A. (Financial Conduct
Authority), and acts as regulator by creating rules and regulations for all financial conduct in the UK.
The F.C.A. has the authority to shut down any financial establishment such as banks, brokers, and
agencies if there are non compliant activities.
How to know what is the best product
First, it is important to know what is important to you, your family, your home and your income etc.
To understand that whatever is important to your needs be carefully researched. The insurance
agents role is to understand the importance of your concerns, bringing the best solution for what
your personal needs are and accommodating them within your budget.
Secondly, it is crucial to certify that the person in front of you is regulated by the F.C.A. as it is a
guarantee that you are acquiring proper advice. It is also advisable to check websites and/or
endorsements of the company.
Brokers and Banks
It’s more than often that we hear people acquire an insurance that didn’t cover them when a claim
was made. This is not down to the insurance policy but people not understanding what exactly they
have purchased. That is because in general speaking, it is assumed that you know about exclusions
and requirements, and most of times, people sign and pay for polices that will not be covering what
they think it would.
The F.C.A. as it was said before have insisted that customers are treated fairly and all exclusions be
absolutely clearly explained. This includes what the type of coverage a new client will have. If you
feel that you have been mis sold, you can always complain to the FCA to start an investigation in
how this operation was conducted.
Unless dealing with Investments this is a charge free service and expenses and other fees are
generally cover by the insurance companies.
- Keep in mind that most of the insurance providers will request you to be registered with your
local GP (some asks at least 1 year).
- Some of these providers will make the whole process easy, but in the case of a claim you will
have to provide several documents and letters, so keep them safe and in a location where it will
be easy to find them.
- Never cancel a direct debt or delay a monthly premium, as if you are not up to date with your
payments, they may interpret that you no longer need the cover and cancel your insurance.
- Never forget, that simplicity hide complexity, that means when you see advertisements, it is
intended to highlight the positive points of the polices, not informing to clearly details like
exclusions or price changes.