Financial Conduct Authority (FCA)

  • Travel & General Insurance Services Limited is the sole provider of insurance backed travel bonds for ABTOT. Travel & General is an independent intermediary, entirely focused on the travel industry. The company underwrites financial protection products through binding agreements with Hiscox Insurance Company Limited. Travel & General also brokers travel insurance, combined liability insurance and other travel related insurances that clients require. Travel & General also has a number of Appointed Representatives who sell travel insurance to their customers. Travel & General is authorised and regulated by the Financial Conduct Authority (FCA) as an intermediary

    The FCA regulates the financial services industry in the UK. They have rule-making, investigative and enforcement powers. The FCA came into force on 1 April 2013 through the Financial Services Act 2012. Prior to this the financial industry was regulated by the Financial Services Authority (FSA).

    The Prudential Regulation Authority (PRA) also came into force on 1 April 2013 and is part of the new system. The PRA works alongside the FCA and is responsible for the prudential supervision and regulation of banks, building societies, credit unions, insurers and investment firms.

    The FCA’s key aim is to ensure financial markets work well so consumers get a fair deal. To do this, the FCA follows 3 statutory objectives:

    • Protect consumers;
    • Enhance the integrity of the UK financial system;
    • Help maintain competitive markets and promote effective competition in the interests of consumers.

    Their statutory objectives were set up under the Financial Services and Markets Act 2000 as amended by the Financial Services Act 2012.

    As an intermediary, Travel & General are accountable to the FCA for its actions.

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