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Limited regulation by the FCA, what does this mean

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
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Hayleye2121Hayleye2121 Forumite
1 Post
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
Hi there,

I’ve recently bought wedding insurance from WeddingPlan and have just received an email saying that the wording sent originally was incorrect. The updated wording is:

Great Lakes Insurance SE, UK Branch, is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of their regulation by the Financial Conduct Authority and Prudential Regulation Authority are available on request.

Does anyone know what limited regulations means in practice for someone who’s bought the insurance? I guess what I’m asking is, should I be worried having bought insurance through them?!

Thank you!

Replies

  • ACGACG Forumite
    21.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
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    Details about the extent of their regulation by the Financial Conduct Authority and Prudential Regulation Authority are available on request.
    Request the information from them.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dunstonhdunstonh Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Where you use an EU based firm that uses its passporting rights to retail products in this country, the FCA only has limited regulation on it. The main regulation takes place in the home country.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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