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The Financial Services Authority (FSA)

In January 2005, General Insurance and in particular, the sale and administration of Private Medical Insurance became regulated The Financial Services Authority (FSA).

The FSA is an independent organisation responsible for regulating financial services in the UK. The FSA's aim is to promote efficient, orderly and fair financial markets and help retail financial service consumers get a fair deal.

The FSA was set up by government. The government is responsible for the overall scope of the FSA’s regulatory activities and for its powers.  The FSA regulates most financial services markets, exchanges and firms. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. This often involves requiring firms to pay compensation to their customers.

The FSA is an independent body that regulates the financial services industry in the UK. We have been given a wide range of rule-making, investigatory and enforcement powers in order to meet our four statutory objectives.

The Financial Services and Markets Act gives us four statutory objectives:

• market confidence: maintaining confidence in the financial system;
• public awareness: promoting public understanding of the financial system;
• consumer protection: securing the appropriate degree of protection for consumers; and
• the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.

www.fsa.gov.uk

The Association of Medical Insurance Intermediaries (AMII)

Buying private medical insurance from a member of the AMII will give you access to specialist independent advice on a range of private medical schemes from a number of different insurers.

All AMII members are authorised and regulated by the Financial Services Authority (FSA) to sell general insurance products. Our members are specialist medical insurance advisers and you can feel secure in the knowledge that they must adhere to the FSA Principles of Business, which set out the high level standards that all our members must meet when dealing with you.

www.amii.org.uk

The Financial Ombudsman (FOS)

The FOS were set up by law to help settle individual disputes between consumers and financial firms.

• The FOS can consider complaints about a wide range of financial matters - from insurance and mortgages to savings and investments.
• The service is free to consumers.
• You must complain to the firm first, before the FOS can look at your case.
• The FOS is not a regulator ("watchdog") or a trade body or a consumer champion. Their role is just to settle disputes, as an alternative to the courts.
• The FOS is completely independent - just as a judge would be if you took your complaint to court instead of coming to us.
• You do not have to accept any decision made by the FOS - you are always free to go to court instead. But if you do accept an ombudsman's decision, it is binding on both you and the firm.
• Although they aim to resolve the majority of complaints within six months, some cases can take longer - especially mortgage endowment cases, which we are currently receiving in very large numbers.
• The service is confidential – the FOS does not publish the names of firms or consumers whose complaints they handle.
• They can't give personal advice about financial matters or debt problems.

The FOS can help with most financial complaints about:

• banking services
• credit cards issued by banks and building societies
• endowment policies
• financial and investment advice
• health and private medical insurance
• income and loan protection cover
• household and buildings insurance
• investment and portfolio management
• life assurance
• mortgages
• motor insurance
• National Savings & Investments (NS&I)
• personal pension plans
• savings plans and accounts
• stocks and shares
• travel insurance
• unit trusts and income bonds.

www.financial-ombudsman.org.uk

The Association of British Insurers (ABI)

The ABI (Association of British Insurers) represents the collective interests of the UK’s insurance industry. The Association speaks out on issues of common interest; helps to inform and participate in debates on public policy issues; and also acts as an advocate for high standards of customer service in the insurance industry.

To assist our clients, Chase Templeton Ltd provides all their clients with the independent ABI publication called; Are you buying Private Medical Insurance.  Copies of this publication can be requested by contacting Chase Templeton Ltd or the ABI direct.

www.abi.org.uk

Information Commissioners Office (ICO)

The Information Commissioner's Office is the UK's independent public body set up to promote access to official information and to protect personal information.

The ICO regulate and enforce the Data Protection Act, the Freedom of Information Act, the Privacy and Electronic Communications Regulations and the Environmental Information Regulations. The ICO provides guidance to organisations and individuals. We rule on eligible complaints and can take action when the law is broken.  Reporting directly to Parliament, the Commissioner's powers include the ability to order compliance, using enforcement and decision notices, and prosecution.

The entire group of Chase business are registered with the Information Commissioner and our private healthcare clients information is protected by this personal information law.

www.ico.gov.uk

If you would like to know any further information on the protection available to you or want any advice on Private Healthcare and Medical Insurance, contact Chase Templeton on 01278 450000.