Financial Services Authority Regulations

The Financial Services Authority has four objectives:

• to maintain market confidence,
• to raise public awareness,
• to provide consumer protection,
• to reduce financial crime.

For insurers, this means we have to adhere to specific rules, as well as high level principles, in the running of our business.

Fair

We are obliged to Treat Customers Fairly and, as a Mutual, we aim to have Members at the heart of all we do.

Open

We strive to provide appropriate information when policies are bought and throughout their life and we provide a quick and efficient claims handling service.

Accountable

Should things go wrong, we have a Complaints Procedure and if we were ever in a position not to fulfil our obligations to our Members, the Financial Services Compensation Scheme would provide assistance.

Regulated

We are also strictly governed as to how we manage our assets, making sure that we have enough in place at all times to provide the insurance cover set out in our Members' policies. We also have to carry assets against the risks we may face as a business.