The Financial Conduct Authority (FCA) is now responsible for regulating businesses selling or administering insurance products.

Letting agents and property managers fall within the scope of the regulator’s authority.

The authorisation may be needed for businesses that are:

Arranging the purchase of insurance policies: This covers a range of activities, including introducing a customer to an insurer or insurance broker and helping someone fill in an application form and forward it to an insurer.
Advising on insurance policies includes recommending a specific insurance policy to a customer.
Dealing as an agent: This includes entering into a contract of insurance with a customer on behalf of the insurer (for example, if you issue cover notes) or vice versa.
Assisting in the administration and performance of insurance policies: This includes notifying the insurer of an insurance claim and negotiating the settlement of the claim on behalf of the customer. However, only handling claims on behalf of the insurer and not the customer will not be a regulated activity. Simply providing information to a claimant or insurer in connection with the assessment of a claim is also not regulated.

The FCA will provide an application pack to any business that carries out activities that may require authorisation.

FCA General Insurance Requirements