15/01/2005

Chris Knott Insurance becomes regulated by the FSA

The FSA have been appointed to regulate general insurance business from 15th January 2005.  Unless a firm receives authorisation from the FSA they will not be able to sell or administer general insurance.

The application process involved them opening up their business to close scrutiny in order for the FSA to become satisfied that effective management systems and controls are in place and that the firm will treat its customers fairly.

Chris Knott Insurance was one of the earliest brokers to receive their Grant of Permission from the FSA.

Managing Director, Neil Franklin, said "We welcome any changes that make our business and our industry better.

As with any industry, those advisers with very basic principles and knowledge have been able to hide and ultimately, many consumers have lost out.

The FSA regime looks to protect the consumer and to legitimise the insurance industry. We fully endorse that".

Chris Knott Insurance's FSA Register Number is 304452 and their status can be checked at www.fsa.go.uk/register.