Part XV of the Financial Services and Markets Act 2000 Flashcards
What does Part XV of the Financial Services and Markets Act 2000 (FSMA) provide for?
Protection for the insured where the insurer is unable to meet its liabilities, e.g. on insolvency.
What levies does the FMSA impose on insurers?
FSMA imposes levies on insurers in order to finance insurer’s liabilities[ So it’s essentially an insurance scheme for the insurer’s.] and in some cases the insured will be indemnified in full when a claim is made against the Financial Services Compensation Scheme Ltd. The relevant rules are contained within the Financial Services Handbook and are known as the Compensation Rules – see http://fshandbook.info/FS/html/handbook/COMP.
What provision does the FMSA make for complaints about insurers?
FSMA also enables the insured to make a complaint to the Financial Services Ombudsman regarding the insurer’s resolution of a dispute. This Ombudsman right only relates to private individuals or a business which is a mico-enterprise (an enterprise with fewer than 10 employees and an annual turnover or annual balance sheet that does not exceed €2 million).
