Insurance Industry Watchdog

Financial Ombudsman - the new watchdog

The insurance industry's old watchdog - The General Insurance Standards Council (GISC) - bit the dust on 14 January 2005.

Its job was to seek out and destroy sharp practices among its 6,500 members, including insurers, independent financial advisers, banks and building societies, brokers and claims handlers.

GISC's scope covered all types of general insurance, including travel insurance for individuals and their families as well as businesses.

If you suffered at the hands of one of its members you could make use its complaints scheme.

Financial Ombudsman

GISC's role as watchdog of sales, advice and service standards has since been taken over by the Financial Ombudsman.

Contact them on 0845 080 1800) or email them at enquiries@financial-ombudsman.org.uk.

Financial Services Authority

In addition the Financial Services Authority (FSA) offers good advice on how to make a formal complaint.

You can contact the Financial Services Authority's helpline on 0845 606 1234. Or surf their website - www.fsa.gov.uk/consumer.

If you feel you've been ripped off for travel insurance, or sold a pig in a poke or been misled in any way, your first port of call should be the Financial Ombudsman Service.

Travel Insurance News

Travel insurance to be regulated

BBC 26 June 2007
Travel insurance bundled and sold with flights and holidays (one third of all policies in 2006) will be regulated by the UK's chief financial watchdog, the Financial Services Authority (FSA), from 2009.

The criticism is that the cover is expensive and does not adequately cover holiday makers abroad - particularly for medical expences and terrorist attack. It is beleived that regulation will give consumers a better informed choice.