Important Details Affecting General Insurance

Since 14 January 2005, the Financial Services Authority (FSA) has been regulating activities within the general insurance industry. This has considerable implications for any organisation involved in the provision of insurance including intermediaries such as accountants and trade associations. 

Qdos is authorised by the Financial Services Authority as a provider of insurance products, which means that we are able to provide fully underwritten policies, directly to you. 

The difference between being a direct policyholder with Qdos and being nominated on a trade association policy is very significant. A policyholder gets the protection prescribed by the regulatory authority. The policyholder also has a direct contract with the underwriter, which prescribes the period of cover and limits of indemnity. This contract will remain in force even if Qdos were to disappear. 

With a trade association membership, the association often cannot make any promises regarding the insurance, as this would be a regulated activity for which the association is not authorised. Therefore, the member relies on the discretion of the organisation to determine levels of cover and make claims. The member also relies on the association choosing to renew its policy at the beginning of each year and, of course, on the association remaining in business.