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ARTICLE · 11 NOVEMBER 2009

Arranging All Risk Insurance In The UK

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The UK Financial Services and Markets Act 2000 requires businesses arranging insurance for others to be authorized by the Financial Services Authority

United KingdomInsurance
Pierre Valentin
Pierre Valentin
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The UK Financial Services and Markets Act 2000 requires businesses arranging insurance for others to be authorized by the Financial Services Authority.

In January 2005, the scope of the UK Financial Services and Markets Act 2000 was widened to require businesses arranging insurance for others to be authorized by the Financial Services Authority (FSA). FSA rules on insurance mediation are not aimed just at insurance brokers. They are aimed at any business handling insurance on behalf of clients.

It is not uncommon for auctioneers and art dealers to arrange insurance of clients' property. Depending on how these arrangements are made, the auctioneer or art dealer may commit a criminal offence and risk having to return insurance fees paid by clients if he is not FSA authorized to conduct insurance mediation activity.

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