The FOS Approach to Insurance Broker Disputes
Disputes are often lodged with FOS where a consumer alleges that the general insurance broker (financial services provider or FSP) failed to arrange adequate insurance or fully informed them of the terms of cover.
This paper will explain how FOS approaches such disputes and will be useful for:
- FSPs who provide general insuring brokering services
- consumers and consumer representatives who have a dispute involving a general insurance broker
- anyone else who wants to understand how FOS approaches this issue.
An insurance broker enters into a professional relationship with a consumer and therefore has a duty of care when acting on behalf of a consumer.