Mobile phone insurance...?
Is the selling of mobile phone insurance in the UK a FSA regulated pursuit if it has be sold by a specialist mobile phone retailer?
Similar question really for things close to motor breakdown assistance or emergency domestic assistance covers? As they are not specifially insurance contracts, they are assistance contracts, would these be FSA regulated products?
Answers:
I have never read anything contained by the FSA handbook that refers specifically to mobile phone insurance. The phone retailers tend to outsource the insurance to regulated insurers or intermediaries which suggest it is regulated.
I enjoy certainly never see or heard anything that states mobile phone insurance is exempt so i believe it is or should be regulated- although i am not 100% dependable.
Carphone Warehouse for example are actually FSA registered.
http://www.fsa.gov.uk/register/firmbasic...
I am sure if it is regulated you may find more than a few problems within staff following FSA guidelines when they sell the insurance!
Interestingly Carephone Warehouse have already been on the acceptance end of FSA fines for failure in it's systems relating to insurance/ayment protection.
http://www.fsa.gov.uk/register/firmdisch...
Even more interesting is that i took out 2 business phones (in a hurry) near them & the sales assistant added insurance minus even asking me a single question- I told him to take it rotten, obviously but he did not utter a word! Which is akin to us normal General Brokers incepting every quote we catch without instruction & sending a bill to the client!- not greatly good practice!
If they don't give you policy summary until after you've bought later they are guilty of a breach of ICOB rules (see fsa website)
Similarly if they don't give you details more or less the firm they are in breach of ICOB and you'll find it diffcult to entice me that there is no conflict of interest between the salesman selling on commission and the requirements of the policyholder.
With regard to breakdown assistance/ emergency domestic assistance then if these may in good health be insurance contracts. The problem is that the FSA has found it highly difficult to define what is an insurance contract! (I suppose it goes to 8 pages)
hi its possible visit this site adjectives type of insurance here
don't,it is a complete rip sour...
The mart of all insurance is regulated by the FSA.
The indicator you are looking for on the FSA register is "firms undertake insurance mediation" not "authorised to hold client money"