Business Insurance Regulated by the FSA
The financial industry is regulated by the Financial Services Authority (FSA) which since 14 January 2005 has been responsible for the regulation of General Insurance Intermediaries
The cornerstone of the FSA’s efforts to ensure consumers get a fair deal is “Treating Customers Fairly” (TCF).
Treating customers fairly is the most important principle of the Knightsure Insurance Brokers business ethics. We aim to demonstrate through our management style that we consistently treat our customers fairly.
Our tagline is “Minding Other Peoples Business since 1990″ and this probably sums up our TCF approach. We take a deep interest in our Client’s insurance needs and ensure that any product that we recommend is appropriate in terms of cover, taking care to explain what a policy covers (and importantly, what it does not). We are careful to ensure that a client has adequate information about the insurer and the product at the time of making any cover recommendations. Post sale is just as important and we monitor the continued adequacy of cover throughout the insurance year.
Conflicts of interest can happen (although this is rare) but in the unlikely event of this arising, we have a mechanism in place to manage such a situation to ensure that the customer continues to receive fair treatment.
Knightsure have adopted the industry guidance approved by the Financial Services Authority in relation to transparency, disclosure and conflict of interest in the commercial market in line with the complexity of the business.
By adopting the industry guidance the firm is able to demonstrate the 5 outcomes required by the FSA in a number of ways.
The outcomes required are that the:
- Commercial customers should have clear and more comparable information about the commissions we receive
- Commercial customers should have clear and more comparable information about the services we provide
- Commercial customers should have clear information about the capacity in which we act when arranging business
- Commercial customers should be alerted to their right to request commission information
- Commercial customers should be made aware of the involvement of any intermediary we use in a chain when arranging their insurances
