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  • FIRST POST
    • Hayleye2121
    • By Hayleye2121 9th Mar 18, 7:32 AM
    • 1Posts
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    Hayleye2121
    Limited regulation by the FCA, what does this mean
    • #1
    • 9th Mar 18, 7:32 AM
    Limited regulation by the FCA, what does this mean 9th Mar 18 at 7:32 AM
    Hi there,

    Ive 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 fr 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 whos bought the insurance? I guess what Im asking is, should I be worried having bought insurance through them?!

    Thank you!
Page 1
    • ACG
    • By ACG 9th Mar 18, 8:19 AM
    • 17,042 Posts
    • 8,928 Thanks
    ACG
    • #2
    • 9th Mar 18, 8:19 AM
    • #2
    • 9th Mar 18, 8:19 AM
    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.
    • dunstonh
    • By dunstonh 9th Mar 18, 10:45 AM
    • 93,034 Posts
    • 60,418 Thanks
    dunstonh
    • #3
    • 9th Mar 18, 10:45 AM
    • #3
    • 9th Mar 18, 10:45 AM
    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). Comments are for discussion purposes only. They are not financial advice. 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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