Who Regulates The Insurance Industry?

If you’ve ever wondered who regulates the insurance industry, the answer is: the Financial Conduct Authority. When you deal with any company providing financial services such as insurance, you may wonder what assurances you have. You may, naturally, want to know that you are dealing with a genuine, authorised firm who can legitimately offer the services you are interested in. You may also ask what protection you might have, should something go wrong. Since 2013 the Financial Conduct Authority (FCA) took over from the Financial Services Authority (FSA) in regulating the insurance industry and other financial services. The FCA works to ensure that financial markets are “honest, fair and effective so consumers get a fair deal.” Park Home Assist has been registered with the FSA and now the FCA since 2005, so you may be assured that we are held to the highest of standards. Central to what the FCA expects of us is good consumer service. As part of its regulatory responsibilities, the FCA ensures that:

  1. Fair treatment of consumers is central to our culture.
  2. Our insurance products and services that you buy are targeted to meet your needs as park home owners.
  3. You are provided with clear information and are kept appropriately informed before, during and after the point of sale.
  4. Where we give you advice, it is suitable and is advice that takes account of your circumstances.
  5. The insurance cover you take out with us is what we have led you to expect, and the service when you make a claim is what you have been led to expect.
  6. Once you have decided to take out your park home insurance cover with us, you are not unreasonably hindered from changing to another product, leaving your contract to change provider, submitting a claim or making a complaint.

Regulating the insurance industry: customer feedback The FCA also stresses the importance of providing channels for customer feedback. This includes complaints and negative feedback as it stresses the need to include you as customers in the process of improving and finessing our insurance products and services. These are the values that run throughout Park Home Assist, from your initial inquiry to any claim that you might make, all the way through to any feedback you wish to give us on your experience with us. We take your feedback very seriously and have recently received a 2023 Platinum Trusted Service Award from Feefo for our customer service. Check out  Feefo reviews for Park Home Assist here. With the oversight of the FCA, we strive all the time to bring you the best products and services we can with the assurance that you are dealing with an authentic, authorised, high standard company that cares about your circumstances and experience. As a specialist insurer, who has been providing park home insurance since 2005, we also aim to provide a personalised service that meet your needs and delivers excellent value for money. As the regulatory body for the insurance industry, the FCA is also available in the last instance, should you want to appeal to someone if your experience with us still falls short of what you expected. This is a marketing article from Park Home Assist, multi award-winning providers of residential park home insurance.  If you would like to speak to an advisor regarding insurance for your park home, please contact our friendly team in our Northampton office on 01604 946 796. To stay up to date with similar topics like this, please like and follow us on Twitter, LinkedIn or Facebook. For more information about any of our other insurance products, please choose your product of interest below:

Published – 17/02/23