Private
Medical Insurance and Regulation
Financial Services Authority
The
Financial Services Authority (FSA) regulates the sales and
administration of private medical insurance. The UK Government
set up the FSA to provide a regulator for financial services.
The FSA is also committed to providing the appropriate protection
for consumers and they promote public understanding of the
financial system. The FSA has set out certain rules that regulate
the sale and administration of general insurance which must
be followed by those dealing with you. For more information
about the FSA visit: www.fsa.gov.uk.
Application
Your
application form, or any declaration you make to your insurance
company, is very important. It also forms the basis of your
contract with your insurance company. Always answer questions
you are asked fully and truthfully. If you don’t, your
insurance company can refuse to pay your claim and could even
cancel your insurance policy.
Confidentiality
All
insurers have to treat personal information, especially your
medical details, with absolute confidentiality and this is
by law. Anonymous statistical information is sometimes given
to outside organisations carrying out research.
Formal Procedure for Handling Complaints
Insurance
companies and anyone else advising on private medical insurance,
must have a complaints procedure in place and be covered by
the Financial Ombudsman Service (FOS). If you have a problem
with any part of your insurance, speak to your insurance company
or adviser first. If you are not satisfied with the way in
which your complaint is handled, there is an independent dispute
resolution through the FOS, which your insurance company or
adviser must give you details of.
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