In these times of credit and financial instability, the pressure is on, not only for customers, but for businesses as well.
Not a day goes by where you don’t hear/read about some business having gone into administration or ceased trading.
The insurance industry is no different to any other, and just as susceptible.
Throughout the year, the Financial Services Authority (FSA) an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 monitor the trading activities of financial bodies and enforce breaches in the fight against money laundering and inpropriety etc. It will, if the need arises, issue health warnings etc. to consumers.
The latest warning was issued about A Razzaq Insurance Brokers, based in Oldbury, West Midlands, over concerns that there was a risk that the company had not passed on all insurance premiums collected to the insurers, and was alerting customers to check the validity of cover arranged through the company.
The FSA said: “If you took out a motor insurance policy through A Razzaq Insurance Brokers then, without valid third-party insurance, you may be committing an offence if you use a vehicle on the public highway under the provisions of the Road Traffic Act 1988. If you are a customer of A Razzaq Insurance Brokers and are in any doubt as to whether you have valid insurance, you are strongly advised to contact the insurance company with whom you believe your policy is held, to check. If you discover you are not covered, you should take immediate steps to arrange new cover.”
You can keep up to date with the latest warnings about firms that may be in financial difficulty etc. by visiting the The FSA Money Made Clear section of their internet website.
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