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FSA warns on flood insurance claims

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by Brian Turner

The Financial Services Authority (FSA) has warned householders affected by June’s flooding to beware of companies offering to represent their claim for a fee.

It comes after a string of reports from insurers and lawyers that some so-called claims management companies were approaching affected households, offering to represent flood claims to insurers for a fee.

However, while legitimate claims management companies are regulated by the Ministry of Justice, they are not authorised to negotiate with insurers directly on behalf of householders.

The FSA recommends that people affected by the floods make their claim direct with their insurer. Not only does this mean the claim is serviced for free, it also ensures that proper claims procedures are followed, and additionally avoids the pitfalls of opportunist and unregulated claims management companies.

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News posted: July 8, 2007

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