How UK business insurance is regulated

Who oversees brokers and insurers, and what that means for you.

UK insurance is regulated to protect consumers and keep the market sound. As a customer, you mainly deal with two types of firm: insurers (who underwrite risk and pay valid claims) and brokers (who help you find, arrange and service cover).

Financial Conduct Authority (FCA)

BIS-Nationwide is a trading style of CI4U GB Nationwide Limited, authorised and regulated by the Financial Conduct Authority (firm reference 496879). The FCA sets standards for how we treat customers, handle complaints, give information about products and manage conflicts of interest.

You can check any firm’s authorisation on the FCA register before you buy. Only use firms that are authorised (or an appointed representative of an authorised firm) for insurance distribution.

What a broker does

We act as an insurance intermediary. Depending on the product and how we work with you, we may:

Assess your needs and recommend suitable products where we give advice
Present options on an information-only basis where you make the final choice
Arrange cover with insurers on your behalf and issue policy documentation
Support you with mid-term changes, renewals and claims notification

We are usually paid commission by insurers unless we agree a different fee with you. Our terms of business explain our services, remuneration and how we handle your data.

Your contract is with the insurer

When you buy a policy, the insurance contract is between you and the insurer named on your schedule. We remain your point of contact for service on the policies we arrange, but the insurer decides whether cover applies and pays claims in line with the policy wording.

Lloyd’s coverholder

We are an authorised coverholder at Lloyd’s of London for certain classes of business. That means we can bind cover on behalf of Lloyd’s underwriters within agreed authorities — a mark of underwriting trust built over decades of specialist broking.

BIS-Nationwide is an authorised Lloyd’s Coverholder. Insurance products are underwritten by certain underwriters at Lloyd’s and other insurers.

Insurers and the Prudential Regulation Authority

Insurers that take on significant insurance risk are also regulated. Larger insurers are supervised by the Prudential Regulation Authority (PRA) as well as the FCA, to ensure they hold enough capital to pay claims. Smaller or specialist insurers may be FCA-regulated only, depending on their structure.

Your policy booklet explains which insurer backs your cover, their contact details for claims, and any security rating that applies.

How regulation protects you in practice

Clear information — key facts about cover, exclusions and costs before you buy
Fair treatment — including vulnerable customers and claims handling standards
Complaints process — we must investigate complaints properly and within deadlines
Financial Ombudsman Service (FOS) — eligible complainants may refer disputes to FOS if they are unhappy with our final response
Financial Services Compensation Scheme (FSCS) — may protect you if an authorised firm fails, within FSCS limits and rules (not all types of loss are covered)

Insurance fraud

Deliberately false or exaggerated claims are a criminal offence and can invalidate cover. Insurers share data to detect fraud. Always give accurate information when applying and claiming.

If something goes wrong

If you need to complain, contact us and we will follow our internal complaints procedure. You will receive a final response within the regulatory timeframe. If you remain dissatisfied and are eligible, you may refer the complaint to the Financial Ombudsman Service.

For disputes about the policy itself after our process, insurers have their own complaints procedures. We can help you identify the right contact.