Do Insurance 'agents' have to be FSA registered?
Discussion
Saw this outfit (or bloke) trying to drum up business on PH - seems like a joke.
Just a portal for referrals, dressed up as a pukka insurance business, who claim to advise you.
Not FSA registered - are they legal?
http://cw-enterprises.info/
Just a portal for referrals, dressed up as a pukka insurance business, who claim to advise you.
Not FSA registered - are they legal?
http://cw-enterprises.info/
If they are just listing adverts for insurers with no specific ordering or recommendation then it's probably ok, but overall a grey area depending on specific activities. Usually the best practice is to make sure that each advert is listed as an advert and have each insurer approve them individually.
If there is any kind of recommendation, ordering, etc. then FSA authorisation is required, and that usually requires professional/qualified assistance, although not necessarily on a day-to-day basis.
edit: The site, as it stands, looks ok to me, however if they were taking customer details and passing them onto a specific broker and taking commission then the FSA would probably prefer them to be authorised & regulated, but it's a grey area if they aren't handling any of the insurance process directly.
My experience is doing very much that kind of thing and working "on the edge", then becoming authorised & regulated to ensure that it's 100% correct. The insurers/broker really don't like working with unregulated firms because if they are handling customer-facing processes they need to make them an Appointed Representative and take all the risk related to their activities.
If there is any kind of recommendation, ordering, etc. then FSA authorisation is required, and that usually requires professional/qualified assistance, although not necessarily on a day-to-day basis.
edit: The site, as it stands, looks ok to me, however if they were taking customer details and passing them onto a specific broker and taking commission then the FSA would probably prefer them to be authorised & regulated, but it's a grey area if they aren't handling any of the insurance process directly.
My experience is doing very much that kind of thing and working "on the edge", then becoming authorised & regulated to ensure that it's 100% correct. The insurers/broker really don't like working with unregulated firms because if they are handling customer-facing processes they need to make them an Appointed Representative and take all the risk related to their activities.
Edited by Gareth79 on Tuesday 12th January 15:31
Mattt said:
Saw this outfit (or bloke) trying to drum up business on PH - seems like a joke.
Just a portal for referrals, dressed up as a pukka insurance business, who claim to advise you.
Not FSA registered - are they legal?
http://cw-enterprises.info/
Just seems like a load of rubbish to me. Almost like a comparison site without any of the benefits. Just a portal for referrals, dressed up as a pukka insurance business, who claim to advise you.
Not FSA registered - are they legal?
http://cw-enterprises.info/
As they do not take the information required to obtain a quote and base a reccomendation on that information I wouldn't have thought FSA registration or complience would be an issue. Nor do they take and hold customers money. As you say it just seems a " a portal for referrals, dressed up as a pukka insurance business" which as far as I can see is a complete waste of time.
Yep, just looks like someone who collects interested people's details, then sells them on to the correct authorised companies.
I would imagine there's good money in it if he can get a good turn over of people through there... but it will almost certainly be a 'data' company simply selling on to other brokers / advisers.
I would imagine there's good money in it if he can get a good turn over of people through there... but it will almost certainly be a 'data' company simply selling on to other brokers / advisers.
Gassing Station | Finance | Top of Page | What's New | My Stuff