FSA regulations

DENTISTS, INSURANCE PLANS AND THE FINANCIAL SERVICES AUTHORITY (FSA)

• The Financial Services Authority (FSA) is the regulatory body for insurance and insurance schemes in the UK.
• The FSA has ruled that dentists cannot offer any personal advice on the merits of any dental insurance scheme or recommend any of them to an individual patient.
• Dentists cannot accept any Premium monies relating to these types of insurance matters from patients and, if they are operating a cash-back scheme, none of this money can be allocated to insurance schemes of any kind.
• Any scheme, no matter how small, is deemed to be an insurance product and falls under the rules of the FSA for compliance. Furthermore any scheme with an element of insurance involved in it is subject to the payment of Insurance Premium Tax (IPT)
• If you are operating your own insurance scheme you must make sure that the scheme is compliant with all FSA regulations and you are also compelled by law to be regulated by the FSA.

If you require any further information please visit, http://www.fsa.gov.uk/pages/Doing/small_firms/insurance/faq/ICOB.shtml