The Financial Services Authority (FSA) has completed its first major investigation into insurance sales since it assumed regulatory powers over the industry.
The FSA announced itself "impressed" with the level of voluntary self regulation, and said that among the 1,700 companies offering home, life and motor insurance it found only two insurance providers and 14 brokers who were acting illegally.
This is good news for the man in the street as it can be a worry when buying insurance that we are getting a fair deal. It looks like that on the whole we are when it comes to car insurance.
"We have been impressed with the level of understanding of the new rules in both the primary and secondary insurance markets, with most firms aware of the need to be authorised if they undertake regulated activities," said a representative of the FSA.
The FSA said that it will continue to monitor the performance of home, life and motor insurance providers and brokers to ensure they meet standards of regulation. Motor insurance customers can check on the status of a company at the FSA website.
Be Wiser is a quality provider of Motor Insurance.