Ferguson
Green Insurance Services are authorised
and regulated by the Financial
Services Authority (FSA), under
registration number 308403.
With
effect from 14th January 2005, the
Financial Services Authority began
the regulation of General Insurance.
It ibecame a legal requirement for
all individuals and companies (with
a few exceptions) that trade in insurance
to be registered with the FSA and
adhere to their rules.
The FSA has imposed
stringent requirements, such as status
disclosure, solvency, controls in
handling client money, record keeping
etc. in an attempt to protect consumer's
interests. Part of this protection
includes the possibility of compensation
when things go wrong, through the
Financial Services Compensation Scheme (FSCS)
The FSCS is the UK's
statutory fund of last resort for
customers of financial services firms.
This means that FSCS can pay compensation
to consumers if a firm is unable,
or likely to be unable, to pay claims
against it.