Each year, we spend thousands on insurance, from our health and homes to our holidays, pets and cars.
What would happen to that money spent on safeguarding if the insurer were to fail? For peace of mind, the Financial Service Compensation Scheme (FSCS) advises three steps before taking out an insurance policy:
- Check the provider is authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) if they are UK based
- If you choose a UK-based broker who might represent a non-UK based insurance company, ask your broker to identify the insurance company they are placing your cover with and if the insurer is FCA authorised
- Check your chosen insurance product is FSCS protected.
We can help.
As with all insurance policies, conditions and exclusions will apply.
Sources: fscs.org.uk;
assets.lloyds.com/media/
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